Nicholas C. Menough, age 37 of Grimes, was arrested by the Polk County Sheriff’s Office on Feb. 5 after the State of Iowa issued a warrant for his arrest on Jan. 31.
Menough, a former licensed insurance agent, was charged with fraudulent submissions, forgery and second degree theft, all Class D felonies following an insurance fraud investigation by the Iowa Insurance Division’s Fraud Bureau that began in April of 2017, according to a news release issued by the IID on Thursday, March 1.
According to the news release, Menough allegedly “engaged in falsifying insurance policy applications and altering financial documents related to sale of insurance policies in order to receive advanced sales commissions.”
Menough posted a $5,000 cash surety bond and has been released from the Polk County Jail. The trial will be scheduled for a future date.
According to IID documents, Menough accepted a voluntary forfeiture of his insurance license on July 27, 2017 in light of the allegations against him. The document stated that he is barred from re-applying for a licene for 10 years.
Menough was a Farm Bureau Financial Services agent with an office located at 3100 Southeast Grimes Boulevard in Grimes. The location is listed on Google as “permanently closed.”
The IID is not releasing additional information at this time, but Iowans with information about insurance fraud are encouraged to contact the Iowa Insurance Division’s Fraud Bureau at (515)242-5304.