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Insurance fraud includes a wide variety of schemes in which insureds attempt to defraud their own insurance carriers, but when the victim is a private individual, the con artist tricks the mark into damaging, for example, the con artist's car, or injuring the con artist, in a manner that the con artist can later exaggerate.
Insurance fraud has existed since the beginning of insurance as a commercial enterprise. [4]Long before the rise of the modern insurance industry, an epigram by the Roman poet Martial, set in the Roman Empire during the first century AD, illustrates how crimes such as arson might be motivated by profit: [5]
Emil Savundra, Sri Lankan insurance swindler; the collapse of his Fire, Auto & Marine Insurance Company left 400,000 motorists in the UK without coverage. Jeffrey Skilling is an American former CEO of Enron Corporation , convicted of securities fraud (and other crimes) for his part in the 2001 Enron scandal , a $63.4 billion bankruptcy ($109.1 ...
How much jail time can you get for insurance fraud? The amount of jail time depends on the severity of the fraud. For a misdemeanor fraud, you could get up to a $15,000 fine and a maximum five ...
T.R. Wright shares his story on his insurance fraud scheme. Purchase a car, boat or airplane; create a paper trail fraudulently claiming to sell the asset, at a vastly inflated price, to another company he controls; insure the asset at the inflated amount; crash, sink or burn the asset; receive a full insurance payout.
About Category:Insurance fraud and related categories: This category's scope contains articles about Fraud, which may be a contentious label. Subcategories This category has only the following subcategory.
On January 16, 2009, the United Kingdom Serious Fraud Office uncovered an £80 million buy-to-let property fraud scheme operating under a company called Practical Property Portfolio in which at least 1,750 investors were conned out of £25,000 each in return for a promise of a house in the North East of England. All five directors—John Potts ...
A Closter man has pleaded guilty in New York federal court of running a $60 million insurance scheme for over 10 years. Bradley Pierre, 41, pleaded guilty to one count of conspiracy to commit ...