RAPID CITY, S.D. — Gary Aaron King, owner and president of Cypress Risk Management since 2016, allegedly orchestrated a scheme to defraud clients out of more than $1.4 million in insurance premiums.
Cypress Risk Management, an insurance broker that sold college student health insurance, failed to remit premiums to managing general agents between July 2022 and January 2023. Instead, King reportedly diverted the funds for personal spending and other business ventures.
When Student Assurance Services did not receive the payments, clients questioned King and other company employees. King allegedly provided numerous false and fraudulent explanations for the missing funds.
In total, authorities say King misappropriated $1,418,220.87 in insurance premiums, using the money for his own benefit rather than fulfilling his obligations to clients.
