December 18, 2023
Via: Insurance JournalLaw enforcement officials announced the final sentencing in their prosecution of an $18 million workers’ compensation fraud case and the return of $7.75 million to the New York State Insurance Fund (NYSIF). Manhattan District Attorney Alvin Bragg, Jr. on Friday […]
October 12, 2023
Via: Insurance BusinessThe use of artificial intelligence (AI) to facilitate fraud insurance claims has grown over the past decade, especially as AI has become more sophisticated. But the entry of generative AI could drive insurance fraud to levels yet unseen, a digital […]
September 18, 2023
Via: Artemis BMUnder-fire Israeli insurtech Vesttoo, which is at the heart of a letter of credit (LOC) fraud scandal, is now claiming hundreds of millions of dollars back from its two ousted co-founders, as well as persons that worked to source investors, […]
August 17, 2023
Via: Insurance JournalAn alleged “family and friend” organized auto insurance fraud ring in California was seemingly broken up by the Urban Automobile Insurance Fraud Task Force when seven people were arrested on Wednesday in connection to the case. In total, 23 individuals […]
June 5, 2023
Via: Insurance JournalA Kentucky farmer and his sister-in-law have pleaded guilty to a multi-year scheme to defraud the Federal Crop Insurance Corp. and companies the FCIC reinsures. ARMTech Insurance Services, now part of AgriSompo North America, paid out on some of the […]
May 18, 2023
Via: Insurance JournalFraudulent filings for state unemployment insurance aid in Massachusetts could be distorting U.S. weekly unemployment claims data, economists warned on Wednesday, making it harder to get a clear picture of the labor market in the short-term. A surge in applications […]
May 9, 2023
Via: Insurance JournalManhattan District Attorney Alvin Bragg, Jr. announced two indictments of a certified public accountant for defrauding the New York State Insurance Fund (NYSIF) of more than $10 million in workers’ compensation insurance premium payments. Accountant Steve Lyon Lyon was charged […]
May 3, 2023
Via: Insurance BusinessLouisiana Insurance Commissioner Jim Donelon has fined Texas law firm McLenny Moseley & Associates (MMA) and associated partners $2 million for hurricane-related insurance fraud involving at least 850 Louisiana homeowners and policyholders. “The illegal insurance scheme perpetrated by McClenny Moseley […]
March 27, 2023
Via: Insurance JournalA New York-licensed pain management doctor has been sentenced to 36 months in prison for his participation in a scheme to obtain fraudulent insurance reimbursements and other compensation from fraudulent trip-and-fall accidents. Damian Williams, U.S. Attorney for the Southern District […]
March 23, 2023
Via: Insurance JournalMore than 18 months after he pleaded guilty to absconding with almost $5 million in premiums, a Florida insurance agent has been sentenced to 14 years in prison. John M. Thomas, 52, the former owner of Thomas Insurance agency in […]
December 19, 2022
Via: Insurance JournalA New York attorney and surgeon were convicted by a Manhattan jury of six counts of fraud for participation in an illegal scheme that included false insurance claims and unnecessary surgeries for alleged injuries from staged trips and falls, a […]
November 29, 2022
Via: Insurance BusinessA former Amtrak employee has pleaded guilty to conspiring with her husband to steal almost $1 million in COVID-19-related unemployment insurance benefits and for dishonestly obtaining more than $63,000 in sickness benefits. Lizette Berrios Lathon, 45, of Moreno Valley, Calif., […]
November 28, 2022
Via: Reinsurance NewsThe Coalition Against Insurance Fraud has released a report estimating that annually, insurance fraud costs the US $308.6 billion. In 1995, the Coalition estimated this number at $80 billion, though at the time, only the property & casualty insurance line […]
November 15, 2022
Via: Insurance JournalThe Texas Department of Insurance Division of Workers’ Compensation (DWC) announced that a Travis County district court judge convicted Sehgal & Sons Enterprises (Ultra Business Services Inc.) of first-degree felony in a scheme to defraud Texas Mutual Insurance Company (Texas […]
October 31, 2022
Via: Insurance BusinessA US Navy veteran has pleaded guilty to charges related to an insurance fraud scheme that bilked a program that compensates service members who suffer serious and debilitating injuries while on active duty. Christopher Toups, who at the time of […]
June 29, 2022
Via: Insurance BusinessNew South Carolina grand jury indictments have been filed against controversial insurance fraud attorney Alex Murdaugh and his alleged accomplice Curtis Eddie Smith. Murdaugh, 54, is currently in jail on a $7 million bond following more than 70 criminal charges […]
June 23, 2022
Via: Insurance JournalThe head of a small, South Florida investment firm has been charged with insurance fraud after he submitted a $300,000 roof-leak claim to his insurer, American International Group, along with allegedly fake photos of mold and other damage to his […]
June 6, 2022
Via: Insurance BusinessA federal grand jury in Chicago has charged 23 people with participating in an insurance fraud scheme that allegedly bilked 10 life insurance carriers out of at least $26 million in benefits. The defendants allegedly submitted fraudulent applications in order […]
June 3, 2022
Via: Insurance JournalA former Ohio insurance agent was arrested June 2 on federal charges alleging he defrauded dozens of victims in the Cincinnati and Dayton area and fraudulently obtained two COVID Paycheck Protections Program loans. Seneca Birchmore, 44, of Cincinnati, lost his […]
May 18, 2022
Via: Artemis BMFraud, litigation, claims inflation, social inflation, loss adjustment expenses, there seems a multitude of reasons for natural disaster insurance claims to become amplified and for higher loss costs to ultimately flow to providers of reinsurance capital, including ILS funds and […]