Hamm serves cease and desist order against Fargo insurance agent
Posted on 3/8/2011
BISMARCK, N.D.-North Dakota Insurance Commissioner Adam Hamm served a cease and desist order yesterday against Jeffrey David Neppl, a Fargo insurance agent who is alleged to have misappropriated a client's money for his own personal use. The order bars Neppl from engaging in the business of insurance.
The cease and desist order alleges that Neppl accepted money from a client for an annuity worth $340,000 and applied the money to his own personal use, failing to invest the money in the annuity policy.
"The Insurance Department moves quickly on these kinds of cases, and this cease and desist order is critical to protect North Dakota's insurance consumers from further harm," Hamm said. "Anyone that has done business with Mr. Neppl and has questions or concerns is encouraged to contact the related insurance company or the Insurance Department at 1-800-247-0560 immediately."
Neppl has a right to request an administrative hearing on the cease and desist order within 30 days of issuance.