Money and handcuffs. Concept for corruption, fraud, money laundry. Credit: chee siong teh/Adobe Stock
A federal judge ordered Florida insurance broker to pay more than $5 million in restitution for orchestrating a scheme that defrauded the $1 billion Peach State Federal Credit Union in Lawrenceville, Ga.
During a hearing late last month, U.S. District Court Judge Steven C. Jones in Atlanta sentenced Heleonel Gonzalez to 41 months in federal prison. He will report to a correctional facility in southern Florida when notified by the U.S. Marshals Service, according to court filings.
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Gonzalez pleaded guilty in November to one felony count of bank fraud.
He owned and operated Sharp Insurance Agency in Miami Lakes. From January 2023 to January 2024, Gonzalez, 48, carried out a fraud scheme involving P1 Finance, a division of Peach State. P1 finances loans for commercial borrowers, such as condominium associations, to pay property and casualty insurance premiums.
Gonzalez told the credit union that the loans would be used to pay insurance premiums on behalf of condominium associations. However, no insurance policies were ever issued, and Gonzalez instead used the funds to pay personal debts and expenses.
Court filings showed Gonzalez had paid more than $2 million in restitution to the credit union before he was arrested or criminally charged in October 2024.
In addition to prison time, Gonzalez was sentenced to four years of supervised release and ordered to complete 100 hours of community service.
Peter Strozniak can be reached at [email protected].
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
