Bismarck, ND - Today Insurance Commissioner Jim Poolman permanently revoked the insurance license of Fargo insurance agent David A. Skjerven. This action is a result of Skjerven's alleged misuse of millions of dollars of client funds.
Poolman said, "Skjerven's actions are deplorable. He took the trust that was given to him and has misused it in a way that has had disastrous effects on the lives of his clients."
Poolman's investigation revealed that Skjerven borrowed money from previous or current insurance clients and has failed to repay the 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.
"It seems the number of customers Skjerven defrauded seems to be growing on a daily basis. This clear breach of public trust is truly shameful," Poolman said.
The Department's investigation against Skjerven will continue. Poolman stated, "I will do whatever I can to hold Skjerven accountable both criminally and civilly for this blatant abuse of his customers."
Skjerven has a right to an administrative hearing, but has waived that right and has instead agreed to the revocation of his North Dakota insurance license. In an earlier action, Poolman issued a Cease and Desist order that barred Skjerven from engaging in the business of insurance and started proceedings to revoke Skjerven's license.