East Texas insurance agent, John Tesseyman is accused of writing bogus policies that could affect more than 100 public fireworks displays. That's part of the problem...with the 4th of July holiday quickly approaching, many fireworks companies may not know they don't have insurance.
Wednesday's raid by The State Department of Insurance may also effect hundreds of petroleum tankers driving our highways.
While the name of his business has changed several times, Tesher corporation is the latest. Formerly known as Southwest Property and Casualty, Meylssa Cox says she's been with the company for several years. She's a Jacksonville daycare owner and one of several East Texas businesses who've bought policies from Tesseyman's company. Meylssa was overwhelmed when she heard of the bogus policy investigation, "I cried. I wasn't sure what was going on," she says.
After many phone calls and a few hours of waiting, Meylssa is relieved to know her policy is legitimate. But, that may not be the case for businesses across the nation, especially those who deal and display fireworks and petroleum tankers. Tesseyman's office is locked up and he's out of the country.
We spoke with one of his family members, who did not want to be identified, but released this statement: "He's an excellent sales person. I believe his business is domiciled in Bermuda. We are shocked and surprised. If these allegations are true, I don't know why he found it necessary to do this because his insurance business has been very successful. It's dumfounding to
Texas Insurance Commissioner Jose Montemayor, "Texas will be hurt and have no way to recover and that's unacceptable to me." Montemayor says Tesseyman faces an arrest warrant when he returns from vacation along with a list of charges: misapplication of Fiduciary Property over two hundred thousand dollars, theft over two hundred thousand dollars and securing execution of a document by deception over two hundred thousand
People who believe they may be affected by these bogus policies, can call the Texas Department of Insurance fraud line at: 1-888-327-8818.