Heath Ritenour is an experienced scammer who is facing a RICO lawsuit along with allegations of running a Ponzi scheme. Furthermore, the scammer has been performing stock manipulation and is facing a lawsuit for it as well.
Where Is Heath Ritenour After the RICO Case?
IOA Group’s CEO and Chairman, Heath Ritenour, is the chairman of the Insurance Office of America (IOA). In 1996, Heath became a commercial insurance broker for IOA. In 2008, he was appointed CEO, and in 2019, he was named chairman.
Since taking over, IOA has continued to grow annually, increasing revenue from $70 million to $286 million EOY 2022.
Heath Ritenour claims that he has been instrumental in helping IOA win significant rankings during his tenure, including National Underwriter’s Agency of the Year and Best Workplaces USA 2023, among many other titles.
Furthermore, Heath Ritenour claims that he studied business administration and played football at Liberty University. He presently holds licenses for health and life insurance as well as property and casualty general lines.
Heath is the president of the IOA Foundation, a board member of Cogent Bank, and an elder of Grace Church in Longwood, Florida. He has been a member of the Seminole County Public Schools Foundation, the Lifework Leadership Orlando Advisory Board, the Arnold Palmer Medical Center Foundation, and the Foundation for Seminole State College.
The RICO Case on Heath Ritenour for Stock Manipulation, Fraud and Ponzi Scheme
John Ritenour and Heath Ritenour are the targets of several Civil Racketeering “RICO” claims from numerous legal firms and states, which revolve around fraud, theft, a “Ponzi Scheme,” and stock manipulation.
John Ritenour, Heath Ritenour, and the Insurance Office of America, Inc. have filed a motion for a temporary restraining order (“Motion”) asking for an injunction against the defendants.
IOA claims in the Motion that print and video content includes “defamatory” information in the form of quotes from grievances and other legal documents, as well as summaries of the lawsuits and the names of the parties involved.
In order to support their argument against the Motion, the parties defending it are looking for witnesses to testify regarding the accusations made against the Insurance Office of America, John Ritenour, and Heath Ritenour.
Examples of these allegations are as follows: Defendants Valli, John, and Heath (wife, and son) are the founders/corporate officers of Defendant IOA, one of the terms of the large insurance companies in the United States, according to the plaintiff’s Amended Complaint filed in Broward County Circuit Court.
The claim being made by these defendants is that they have founded a “family-oriented” insurance that claims to be “partners” with its sales force to offer the greatest working conditions and highest earnings in the insurance company. These are the classic “wolves in sheep’s clothing” since they amassed wealth by engaging in numerous fraudulent schemes that directly harmed the plaintiff and those in a similar situation, including
- “Cooking the books” to steal insurance commissions from IOA’s sales representatives
- Purchasing “books of business,” declining to pay undertaking on accounts, and utilizing numerous different corporate entities and real estate transactions to conceal their illicit profits.
- Bullying, deceit, discontinuing, terrifying, and “mobster-like” behavior to manipulate Defendant IOA’s stock by making the company appear healthier by declaring large accounts as being IOAs; and
- Intimidating a witness in an attempt.
According to the lawsuit, as to a few significant accounts obtained by an associated sales member, Defendant John, Valli, and/or Heath stepped in and steal the account that claims Defendant John, Heath, or an additional appointed IOA member is the “producer” or “lead producer” or “co-producer” of the report without even talking about the matter with the sales associate. John is sometimes so arrogant that he informs the agent that’s “exactly how this one goes,” in fact. In the end, this sizable account might turn into a “status” description where IOA “REBATES” its insurance prices in return for the ability to utilize a firm symbol and have its identity displayed at a sporting venue.”
The accusations mentioned above were taken verbatim from court documents. The claims and concerns have not yet been resolved by a court as of the date this Notice to Witnesses is being issued.
The Bottom Line
All the allegations that are mentioned above are from legal documents but still, but they are yet not determined by a court of law. Heath Ritenour has made many changes in Insurance Industry so that he can maximize his profit. He has done many scams and frauds in order to acquire wealth. In short, to gain profit he has created a family-oriented insurance company that partners with a sales force to provide a large number of commissions in the insurance industry.