(Sioux Falls, SD) — A former South Dakota insurance salesman is up against several federal charges. Gary King, who worked with Cypress Risk Management, is accused of pocketing over a million dollars in insurance premiums from colleges and universities instead of sending the money to insurance providers. According to the federal indictment, King collected nearly one and a half million dollars in insurance premiums from colleges for insuring athletes against injuries. That includes six-hundred-25 South Dakota athletes. His insurance license has since been revoked by the state. King now faces charges of wire fraud, money laundering, bank fraud, and mail fraud.
