In setting the scale of the high-quality, the panel dominated that it ought to exceed the quantity misappropriated by $300,000. The high-quality additionally included $50,000 for failing to co-operate with the investigation. Rutledge should pay prices of $10,000.
The panel mentioned: “Via his dishonesty, Mr. Rutledge brought on very vital monetary hurt to his purchasers for his personal profit. His misconduct concerned quite a few transactions over an prolonged time frame. Mr. Rutledge didn’t acknowledge or settle for duty for his misconduct previous to it being detected by his agency, though he did finally admit his misconduct as a part of the Agreed Assertion of Details and Admissions of Legal responsibility. Whereas Mr. Rutledge’s former agency or the Insurer has apparently repaid the purchasers, Mr. Rutledge has not repaid the agency or the Insurer.”
It added: “The details referring to the misappropriation underscore that Mr. Rutledge can’t be trusted to take part within the business sooner or later.”