Gripeo Logo Orange and White
  • About
  • Consumers
    • Consumer News
    • Consumer Reviews
    • Red Flags
  • Business
    • Recommended Business
    • Expert Opinions
    • Success Stories
  • Resources
    • Guest Articles
    • Official Updates
    • Press Releases
  • Contact Us
  • Submit a Review
Reading: Heath Ritenour – RICO Charged For Criminal Involvement. Exposed Its Stock Manipulation
Share
GripeoGripeo
Font ResizerAa
Search
  • About
  • Consumers
    • Consumer News
    • Consumer Reviews
    • Red Flags
  • Business
    • Recommended Business
    • Expert Opinions
    • Success Stories
  • Resources
    • Guest Articles
    • Official Updates
    • Press Releases
  • Contact Us
  • Submit a Review
Have an existing account? Sign In
Follow US f6scrunchbase
Gripeo > Blog > Consumer Reviews > Heath Ritenour – RICO Charged For Criminal Involvement. Exposed Its Stock Manipulation
Consumer Reviews

Heath Ritenour – RICO Charged For Criminal Involvement. Exposed Its Stock Manipulation

Last updated: November 29, 2023 6:40 am
GripeO - Web Desk
Published: November 29, 2023
Share
heath ritenour
SHARE

Heath Ritenour is a crook and a white-collar criminal. The fraudster is facing RICO charges for running a major Ponzi scheme, defrauding others and stock manipulation.

heath ritenour
(Source)

Before you consider doing business with him or Insurance Office of America, be sure to read about Heath Ritenour’s criminal past.

Our Methodology

We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.

All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.

These reports are made possible by the collective efforts of contributors like you. If you would like to become a contributor then contact us here.

What Heath Ritenour Claims to Be:

Heath Ritenour, the CEO and Chairman of IOA Group, serves as the head of the Insurance Office of America (IOA). Heath joined IOA as a business insurance broker in 1996. He was named CEO in 2008, and in 2019, he was made chairman.

IOA has increased its revenue every year since taking over, going from $70 million to $286 million EOY 2022. Among the top 25 insurance brokerages in the US, IOA is one of just four independent, privately owned firms that expands nearly entirely organically rather than through mergers.

29/11/2023 Update
As of now, Heath Ritenour has not responded, nor has he apologized for his misdeeds. He has ignored our efforts to highlight the problems faced by his victims. Furthermore, he has only focused on propagating his fake PR.

About Heath Ritenour and Insurance Office of America

heath ritenour

The path for obtaining personal lines insurance, one of the most intricate and time-consuming processes in any insurance brokerage, has been completely redesigned by Heath Ritenour and his management team as they work to optimize IOA’s operations. SimplyIOA, a novel way to quickly compare and buy home and vehicle insurance online or over the phone, was developed by him and the IOA team.

Customers only need to supply these five facts while visiting SimplyIOA.com or speaking with an agent. Then, SimplyIOA looks through its network of reputable insurance providers to locate the greatest deal on the most comprehensive coverage. Florida, Georgia, and Texas currently have access to SimplyIOA, which will eventually be made available nationwide.

What is a Ponzi Scheme?

A Ponzi scheme is a criminal deception investing fraud pledging increased rates of interest with less chance of loss to investors. On the other hand, a Ponzi scam is a deceitful investing fraud that induces retrievals for earlier investors with money carried from later investors.

John and Heath Ritenour facing charges for being engaged in fraudulent activities

heath ritenour

Many law firms and states have filed civil racketeering “RICO” lawsuits against John Ritenour and Heath Ritenour that center on fraud, theft, a “Ponzi Scheme,” and stock manipulation.

A move for a temporary restraining order (“Motion”) has been submitted by John Ritenour, Heath Ritenour, and IOA Inc., requesting an injunction against the defendants.

If you have sensitive information or have had a personal experience with Heath Ritenour but want to stay anonymous, then submit it using our secured form. You can connect with our expert contributors and help in finding the truth. We never share your information with 3rd parties.

IOA asserts in the Motion that “defamatory” information in the form of quotes from complaints and other legal papers, as well as summaries of the litigation and the identities of the persons involved, is present in print and video content.

According to the allegations made against IOA, John, and Heath to assist in the defense of this Motion, parties who are defending the Motion are now seeking witnesses to these allegations.

Here are some examples of these claims: According to the plaintiff’s Amended Complaint submitted in Broward County Circuit Court, Defendants Valli, John, and Heath are the founders of Defendant IOA, one of the names of the major insurance firms in the United States.

As claimed by the defendants they established a “family-oriented” insurance company that “partners” with its sales team to provide the best working circumstances and highest earnings within the insurance industry. 

As quoted by the plaintiff in the complaint that the defendant has gathered a ransom amount of wealth through various inappropriate and dishonest activities that are worthy enough to damage the plaintiff and people 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 various corporate entities and real estate transactions to conceal their illicit profits.
  • To influence Defendant IOA’s stock, the corporation engaged in bullying, dishonesty, discontinuing, threatening, and “mobster-like” behavior by claiming that huge accounts were IOAs and therefore making the business appear healthier.
  • Intimidating a witness in an attempt.

According to the lawsuit, defendants John and Heath intervened in a few significant accounts obtained by an associated sales member and stole the account that claims defendants John, Heath, or another appointed IOA member is the “producer” or “lead producer” or “co-producer” of the report without even discussing the matter with the sales associate. John can be so conceited that he tells the agent that’s “exactly how this one goes” in some situations. This substantial account may ultimately result in a “status” description where IOA “REBATES” its insurance costs in exchange for the right to use a company symbol and have its identity displayed at a sporting arena.

Heath Ritenour is Facing Charges of Concealing Evidence

heath ritenour
Heath Ritenour and IOA have faced serious allegations

Farrow Law Firm is the 3rd Law Firm to File Suit Against John Ritenour and the Insurance Office of America for Fraud.

IOA is accused of misappropriating commissions owed to independent insurance brokers, including Scott Stringer, Rick Collins, and Louis Spagnuolo, among many others, as a result of this allegedly illegal conduct. This led to a Ponzi-like scheme to artificially increase its stock valuation.

The Florida lawsuit alleges that these RICO Defendants controlled the operations of this RICO Enterprise through a pattern of racketeering activity that included repeated violations of the federal mail and wire fraud statutes, money laundering, securities fraud, and tax evasion with the intention of defrauding Plaintiff and their trusting IOA Employees. IOA even used unlicensed agents to defraud and discriminate against its victim.

Attorney Farrow– “By the looks of it, the Plaintiffs in New Jersey were fraudulently induced to enter a corrupt culture that rewarded unlicensed activity while they were being defrauded out of substantial earned commissions”.  “Clearly with these three similar lawsuits, it isn’t hard to see the pattern of illicit behavior on the part of IOA and the Ritenours.”

Concluding The Criminal Case Study of IOA and Heath Ritenour

heath ritenour

The accusations and the allegations mentioned above were taken verbatim from court documents but not yet claimed and determined by a court of law. Although there have been several changes implemented by Heath in his Insurance organization in order to maximize his profit. In other words, in order to make money, he established a family-focused insurance company that collaborates with a sales force to offer a sizable number of commissions in the insurance sector.

Executive Affiliates Inc., Executive Hotel Management Inc., and Capital Fitness Inc. filed a complaint in the U.S. District Court for the Northern District of Illinois Eastern Division against Insurance Office of America Inc. and Mark A. Manfre alleging breach of fiduciary duty, negligence, and other counts. 

The plaintiff filed a complaint that in the past long-term relationship of 20 years with the defendants Manfre has billed them for double commissions in violation of Illinois law.  The plaintiffs ask for a jury trial and seek to recoup commissions given to Manfre that were illegal and underserved in the amount of at least $2.8 million, as well as prejudgment interest, costs, and any other further remedy this court deems appropriate under the circumstances.

We are not affiliated with any businesses in the lists below, nor are we being compensated for recommending them. All the recommendations are based on the personal experience of the contributors and our users. If you have your own recommendations feel free to mention them in the comment section at the end of the post.

Share This Article
Facebook Email Print
14 Comments
  • Avatar of Milo Milo says:
    April 14, 2023 at 3:33 am

    If they are not their business partners then what will they provide us, the common investors or the people investing their savings with them for future earnings, thud I after going through their past I have planned to avoid this firm.

    Reply
  • Avatar of Isla Isla says:
    April 14, 2023 at 3:33 am

    The company suffered a lot due to Heath, which proves that they are not legitimate dealers.

    Reply
  • Avatar of Remington Remington says:
    April 14, 2023 at 3:32 am

    We have seen various companies scamming their users with misleading schemes and then in the end what the users are provided with is a pack of scams.

    Reply
  • Avatar of Adonis Adonis says:
    April 14, 2023 at 3:32 am

    Nowadays you can’t trust anyone for your money, it is very much common to get scammed by these fraudsters.

    Reply
  • Avatar of Elijah Elijah says:
    April 14, 2023 at 3:32 am

    The company was suffering from various lawsuits and was not at all ready to pay the amount to Manfre which was amounting to $2.8 million also they were backlashed by the court for not repeating the same.

    Reply
  • Avatar of Hafsa Hafsa says:
    April 12, 2023 at 4:15 am

    These Ponzi scammers are increasing day by day, need to stop them.

    Reply
  • Avatar of Maria Maria says:
    April 12, 2023 at 4:13 am

    I have read different articles related to this man’s criminal past, so this shows his level of popularity in the field of fraud.

    Reply
  • Avatar of Aliyah Aliyah says:
    April 12, 2023 at 4:12 am

    The government should place these criminals behind the bars and also some strict warnings should be published for other criminals not to do the same.

    Reply
  • Avatar of Eden Eden says:
    April 12, 2023 at 4:12 am

    Stock manipulation is the latest type of scam where the fraudsters does some changes to the process of the share.

    Reply
  • Avatar of Mayers Mayers says:
    April 12, 2023 at 4:07 am

    When we are not taking their crimes seriously and letting them practice these again and again, then here we are the culprits, promoting their criminal activities.

    Reply
  • Avatar of Piper Piper says:
    April 12, 2023 at 4:06 am

    It is our responsibility to make the perfect choice for your money and making others aware of these scammers is also very important.

    Reply
  • Avatar of Ana Ana says:
    April 12, 2023 at 4:06 am

    They were involved in criminal cases like money laundering and tax evasion but their reality wasn’t exposed to the world, articles like these will help the users to get their real business.

    Reply
  • Avatar of Artemis Artemis says:
    April 12, 2023 at 4:06 am

    The company was making its people suffer and was not at all interested in providing their returns on investment.

    Reply
  • Avatar of Heather Heather says:
    April 12, 2023 at 4:06 am

    These high-profile companies are using their authoritative power to scam people and make them suffer through illegal means, and this company was never interested in providing their people with the services.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FacebookLike
XFollow
InstagramFollow
CrunchbaseFollow

LATEST NEWS

banner banner
SUBMIT REPORT
Share your thoughts and insights with a vast community of consumers.
Report Now →
All characteristics of AiProFX point to the fact that it is a Ponzi scheme.  this dishonest plan in greater detail.

AiProFX: Is it a Ponzi Scheme?

GripeO
September 18, 2023
IPGateTrade Broker Scam Exposed
Matrix Win: Is It a Ponzi Scheme?
James Hansberger: Has FINRA Charged Him or not?
Niira Radia Hospital: Are They Really Negligent?
Gripeo Logo Orange and White Gripeo Logo Orange and White
  • News
  • Reviews
  • Red Flags
  • Expert Opinions
  • Success Stories

Gripeo is the leading social platform for consumers to share their experiences with businesses and others. We thrive on helping the marketplace become less ambiguous and more transparent.

Information

  • Home
  • About
  • Official Blog
  • Our Services

Our Policies

  • Terms of Services
  • Privacy Policy
  • User Guidelines
  • Sitemap

© Gripeo. All Rights Reserved.

Follow US on Socials

f6scrunchbase
Gripeo Logo Orange and White
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

Not a member? Sign Up