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Poolman: Issues Cease and Desist Against Fargo Insurance Agent
 
~ Will Proceed to Revoke Insurance License ~

FOR IMMEDIATE RELEASE Contact: Jim Poolman
September 20, 2006 701-328-2440


Bismarck, ND - Insurance Commissioner Jim Poolman today issued a cease and desist order against David A. Skjerven, a Fargo insurance agent, who has allegedly been involved in a Ponzi scheme that has defrauded individuals in the Fargo area. The order bars Skjerven from engaging in the business of insurance.

The order has been issued as a result of Skjerven borrowing money from previous or current insurance clients and failing to repay money. State law prohibits a licensed insurance agent from soliciting or accepting a loan from any person with whom the agent has had an insurance relationship within the last ten years. It is alleged that Skjerven borrowed more than $2 million from clients. 

Poolman said, "By taking this action today, I am working to ensure that insurance consumers are not harmed further by Skjerven and his illegal actions."

In a separate administrative proceeding, Poolman will move to permanently revoke the license of Skjerven. Skjerven has a right to request an administrative hearing on both the cease and desist order and the administrative complaint within 30 days of issuance. 


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North Dakota Insurance Department
600 E. Boulevard Ave.
Bismarck, ND 58505-0320
Phone 701.328.2440
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Fax 701.328.4880

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