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Insurance fraud refers to any intentional act committed to deceive or mislead an insurance company during the application or claims process, or the wrongful denial of a legitimate claim by an insurance company. It occurs when a claimant knowingly attempts to obtain a benefit or advantage they are not entitled to receive, or when an insurer ...
Lindberg, 54, pleaded guilty to one count of conspiracy to commit offenses against the U.S. and one count of money laundering in connection with a scheme to defraud insurance regulators and ...
After becoming a public company in August 2005, it was revealed that Phillip R. Bennett, the company's CEO and chairman, had concealed $430m of bad debts. Its underwriters were Credit Suisse First Boston, Goldman Sachs, and Bank of America Corp. The company entered Chapter 11 and Bennett was sentenced to 16 years in prison. Bear Stearns: United ...
The company went public in 1964. By 1972, it was one of the ten largest life insurance companies in the United States, as well as the fastest growing one, with (claimed) assets of $500 million. [2] The company created more than 60,000 bogus life insurance policies that it sold to reinsurance companies for a fee.
Two title insurance companies with ties to Lakewood signed off on loans for a real estate investor who later pleaded guilty for participating in a $165 million mortgage fraud conspiracy, federal ...
If you suspect someone of insurance fraud, you can report it to your state’s Division of Consumer Fraud, your insurer’s Special Investigations Unit that handles fraud incidents, your state’s ...
In 2012 Lindberg began investigating the possibility of acquiring insurance companies, displaying a particular interest in the large number of assets retained by such companies to fulfill payouts. In 2014 Eli Global made its first insurance acquisition when it purchased a burial-policy insurer based in Alabama. Lindberg wished to loan the ...
Two Kentucky pharmacists who allegedly fraudulently billed insurance programs more than $1 million have been charged in an investigation of health care fraud. ... The companies he used were Aidmen ...