BISMARCK, N.D.-North Dakota Insurance Commissioner Adam Hamm recently revoked the insurance license of Bruce Hager, a Fargo insurance agent who plead guilty to four counts of the sale of unregistered securities and four counts of acting as an unregistered securities agent. The revocation of Hager's license bars him from selling, soliciting or negotiating insurance in North Dakota.
Hager received more than $125,000 in commissions and more than 43,000 shares of unregistered Intellisol stock. None of the securities were registered with the North Dakota Securities Department and Hager was not working with a registered dealer, as required by North Dakota law.
"Hager abused his clients' trust," Hamm said. "His behavior in dealing with North Dakota consumers is deplorable."
Hager initially protested the revocation and requested an administrative hearing. The hearing was to be held in late December; however, Hager recently agreed to the revocation and a $1,000 fine.
"By revoking his license, I'm ensuring that Mr. Hager will no longer have the opportunity to work with North Dakota insurance consumers," Hamm said.
Consumers with questions about insurance policies through Hager are welcome to call the North Dakota Insurance Department at 1-800-247-0560. ###