An insurance business owner in Port Charlotte, Fla., is accused of selling invalid boat insurance policies.
Insurance Depot owner Jack Alexander and former employee Kristin Decker-Hopkins were arrested after a state investigation, WBBH-TV reported.
Detectives allege that the two knowingly sold policies for a company that was not licensed in the state.
Alexander told the TV station that he thought the company, International Water Safety Foundation, was legitimate and always had customers' best interests at heart.
In the arrest report, investigators say Alexander was warned more than four years ago that the company wasn't licensed in the state.
Alexander said any money collected on the policies was forwarded to the now-bankrupt Canadian company.