Investigators allege that the 62-year-old, while working as an insurance agent at the Insurance Group of North Carolina in Cary, sent invoices to customers asking them to remit premium payments to him, deposited the payments into his account without fully remitting them to the insurance companies and issued false certificates of insurance to the customers.
Investigators also found that many clients paid Borsum in cash and later discovered they did not have insurance coverage.
Borsum is accused of pocketing $52,167.36 in premiums.
He was arrested on Dec. 22 and placed under a $60,000 secured bond.
Borsum surrendered his insurance license to the Department of Insurance in November 2010.