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Former Palm Harbor broker charged with fraud

Neal Smalbach, a former broker who was the target of dozens of complaints from disgruntled customers, has been charged in Marion County with three counts of fraud by the state's division of insurance fraud. Smalbach, who lives in Palm Harbor, was arrested April 29 in Pinellas County and is free on $4,000 bond. He entered a plea of not guilty to one count of organized fraud and two counts of insurance fraud stemming from his work with an insurance agency in Ocala. Authorities say that Smalbach intentionally misrepresented whole life policies as mortgage protection insurance, earning about $5,000 in fraudulent commissions. Smalbach, 48, was the subject of an April St. Petersburg Times story about his sales of shares in a shaky Tampa company, Transfer Technology International Corp., to retirees on Social Security. Smalbach's arraignment is scheduled for May 31 in Ocala.

To read a past story about Neal Smallbach go to: www.tampabay.com/news/business/some-retirees-on-limited-incomes-lost-hundreds-of-thousands-to-former/1162624

Former Palm Harbor broker charged with fraud 05/17/11 [Last modified: Tuesday, May 17, 2011 6:36pm]
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