Wells Fargo faces suit after agent cancels policies

By Matt Russell | May 23, 2014

HUNTINGTON -- A Huntington man is suing an insurance company after his former business was used in an alleged fraud.

Ronald D. Nisbet filed a lawsuit May 7 in Cabell Circuit Court against Wells Fargo Insurance Services of West Virginia Inc.

According to the complaint, on Nov. 1, 2000, Nisbet was president of his own insurance company, Ron Nisbet & Associates Inc. On that date the plaintiff entered into a purchasing agreement with the defendant, as well as signing a three-year non-compete agreement as part of the sale of his firm.

The suit states on May 28, 2006, an agent with the defendant wrote insurance policies under the plaintiff's firm for Allianz Life Insurance Company, which he then cancelled following receipt of commissions totaling $46,800.

Beginning in January 2012, after the non-compete order expired and the plaintiff formed a new firm, Allianz began to charge Nesbit for the policies canceled by the defendant.

Nesbit contends he is not responsible for the canceled policies and lost money from the policies should be covered by the defendant.

Nisbet is seeking damages and costs of the suit.

He is being represented in the case by attorney Cindy D. McCarty of Huddleston Bolen LLP. The case has been assigned to Circuit Judge Christopher D. Chiles.

Cabell Circuit Court Case No. 14-C-352

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