Former South Dakota Insurance Salesman Faces Federal Charges for Fraud Scheme

A former South Dakota insurance salesman, Gary King of Cypress Risk Management, is facing federal charges for allegedly collecting hundreds of thousands of dollars in insurance premiums from colleges and universities and failing to pass the money on to insurance providers.

King faces charges including wire fraud, money laundering, bank fraud, and mail fraud.

He allegedly collected nearly $1.5 million in insurance premiums from colleges in 2022 but never paid them to the insurance companies.

King is accused of using the money for personal expenses and investments, including an interest in the Midnight Star casino in Deadwood.

He has had his gaming and insurance licenses revoked and faces civil lawsuits from the alleged victims.