King did not appeal the Division of Insurance’s ‘s March 10 decision. The Division of Insurance documents say at least 625 South Dakota student athletes were affected and “may lose their coverage due to these actions.” About $1.5 million of that money remained outstanding as of March, according to the Office of Hearing Examiner documents.
King allegedly received premiums that he failed to remit to the insurance companies he was working with, according to documents from Minnehaha County court, the state Division of Insurance, and the state Office of Hearing Examiners. King owned and operated Cypress Risk Management LLC, which sold insurance to cover student-athletes at colleges and universities in South Dakota and other states. The decision came after the state Division of Insurance revoked King’s insurance producer license and business entity license in March. King was a member of multiple businesses housed at the Midnight Star in Deadwood. (South Dakota Searchlight) - A Sioux Falls man who lost his insurance license for an alleged $1.5 million fraud that affected more than 600 South Dakota student athletes has also lost his gaming license.Īt its Tuesday meeting in Deadwood, the South Dakota Commission on Gaming revoked Gary Aaron King’s personal gaming license.
