Two Valley-area insurance agents were arraigned this week on multiple counts of grand theft.

According to the California Insurance Department, Robert Farmer, 65, of Camarillo, and Marion Urcan, 67, of Agoura Hills, allegedly accepted more than $687,000 in insurance premiums from two towing companies. Rather than forward the payments to the insurance company to secure liability insurance for the business owners, Farmer and Urcan allegedly kept the money for personal use.

Also, one of the towing companies claimed the two agents embezzled a $50,000 down payment intended for the renewal of a commercial auto insurance policy.

Insurance Commissioner Ricardo Lara said in a statement, “By allegedly taking payments but not placing insurance coverage, these licensed insurance agents left these small businesses at risk for devastating financial loss.”

Farmer and Urcan together operated as Centerpointe Insurance Services Ltd. in Camarillo. It is unclear if Centerpointe is still operating following the arraignments. Calls to the office returned an out of service message from the phone carrier and the company’s website appears to have been taken offline.

The Insurance Department said it has taken “appropriate administrative action,” against the two agents, but did not offer specifics.

The agents pleaded not guilty at the arraignment. They are to return to court March 5. The case is being prosecuted by the Los Angeles County District Attorney’s Office.