Fraud, Insurance | featured news

Long Island Man Is Charged With Insurance Fraud in Faked Drowning Case

Raymond Roth

A Long Island man suspected of faking his drowning to collect more than $400000 in life insurance was arrested Wednesday and formally charged with insurance fraud, conspiracy and filing a false report.

Senh: A city wide search, father/son disputing each other's stories, dysfunctional families ... sounds like it could be a Wes Anderson or Coen brother movie.

 

AIG Agrees to $725 Million Settlement of Securities Suit

American International Group Inc. agreed to pay $725 million to settle a long-running securities lawsuit alleging that the company several years ago engaged in insurance bid-rigging and inflated its stock price and insurance reserves.

Senh: If AIG were engaged in securities fraud and manipulating its stock price, shouldn't the execs be in jail? This just sounds like they paid their way out of prison. Martha Stewart got jail time for insider trading that amounted to a difference of just tens of thousands of dollars, AIG probably defrauded investors out of billions.

 

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