Albert Ricardo Prince, 53, of Bakersfield, California, was arrested Friday for embezzling more than $400,000 in client premiums from his insurance agency, Prince Insurance Agency. He has pleaded not guilty to 8 felony charges, including embezzlement, perjury, grand theft and other charges. Price's scheme spanned about three and a half years between March 2006 and October 2009. The scam was revealed when the Bakersfield Homeless Center realized that they had purchased a bogus bond from Prince's agency to build a new facility.
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