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Insurance Broker Accused Of Stealing $500K From Accounts, Including LAUSD Program

LOS ANGELES ( — An insurance broker faces charges of grand theft Friday for allegedly stealing more than $500,000 from accounts managed by his employer, including a Los Angeles Unified School District program.

Arthur Cade, 60, was arrested Sunday on three felony counts of grand theft and freed Friday after posting $318,000 bail, according to Los Angeles County Sheriff's Department jail records.

Cade, a licensed property and casualty broker-agent, worked for DACM Project Management, aka Dugan & Associates, controlling funds for programs his employer managed, according to the California Department of Insurance. When another employee at Dugan & Associates reviewed the program funds trust account, it was discovered that Cade allegedly diverted program funds to his personal account.

More than $500,000 had been stolen from Dugan & Associates-managed accounts, including $100,000 from an LAUSD rewards and recognition program, which was established to influence safe behavior and management on new construction sites for the district, CDI officials said.

The CDI's legal division is processing a license suspension order on Cade, who faces up to 12 years in state prison if convicted on all counts.

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