August 4, 2025
Connecticut Insurance Department and Department of Banking Assist in Criminal Investigation of Former Insurance Producer
Hartford, Conn. — The Connecticut Insurance Department (CID) and Department of Banking (DOB) announced that former insurance producer, Ian Pierce, was arrested following a joint investigation by the CID, DOB, and the Statewide Organized Crime Task Force.
CID initially revoked Pierce’s insurance license in 2021 after its Investigation Division determined he had improperly accessed funds from a client’s life insurance policy and misappropriated premium payments. In 2024, CID received a new complaint alleging that Pierce continued to operate as a licensed producer despite the revocation. The Department opened a second investigation which uncovered evidence suggesting ongoing fraudulent activity, including falsified documents and a possible forged check.
Recognizing potential securities violations, CID coordinated with DOB, where Pierce was registered as a broker-dealer agent. The DOB conducted its own investigation, identified additional harmed consumers, and recently issued a consent order permanently barring Pierce from the securities industry. Pierce was also ordered to pay $164,000 in restitution and a $100,000 fine.
The Connecticut State Police Statewide Organized Crime Task Force then pursued criminal charges, and Pierce was arrested on June 5, 2025. He faces multiple felony and misdemeanor counts, including larceny, forgery, issuing bad checks, and criminal impersonation. Pierce is scheduled to appear at Rockville Superior Court for arraignment on August 7, 2025.
“This case is a strong example of interagency cooperation to protect Connecticut consumers,” said Connecticut Insurance Commissioner Andrew N. Mais. “When individuals misuse their position to defraud the public, we will work across state and criminal agencies to stop the harm and hold them accountable.”
“The Department of Banking will continue to work with state agencies and law enforcement like the state police to ensure Connecticut investors are protected and violators are held accountable,” said Connecticut Banking Commissioner Jorge Perez.
If you have a question or concern regarding your insurance, please contact the Connecticut Insurance Department. For more information, visit our website or reach us at insurance@ct.gov or 860-297-3900.
To look up a license, visit here.
If you have questions or concerns regarding financial services in Connecticut, including banks, credit Unions, investment advisers, broker-dealers or consumer credit services like mortgages, money transmission and debt collection agencies, and others, please contact the Connecticut Department of Banking. You can visit our website or contact us by email department.banking@ct.gov. You may reach us by phone at 860-240-8170.
To verify a license/registration at the Department of Banking visit here.
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Media Contact:
Connecticut Insurance Department:
cid.news@ct.gov
Connecticut Department of Banking:
Matt Smith
Matthew.smith@ct.gov
C: 203-996-1241