Agents Behaving Badly

[Ronnie Carter]

Another new case - this one in N.J. - where rebating was used...

Evan Pescatore, 35, and his parents Frank Pescatore, 70, and Janice Pescatore, 64, of Asbury Park, are accused of illegally providing people free, high-value life insurance policies in order to collect the lucrative commissions on those policies from the insurance companies, according to a statement from the office of Attorney General Christopher S. Porrino. The trio allegedly then used those proceeds to pay off loans that covered the premiums on the policies.

The scheme involved 18 policies issued by eight insurance companies with a face value totaling $61.5 million.

“This family allegedly conspired in a criminal plot to file more than a dozen fraudulent insurance applications that cost numerous insurance companies millions of dollars in ill-gotten commissions, rebates, and free-short-term insurance,” Porrino said in the statement. “Though the alleged scheme was complicated, the defendants carefully shepherded illicit funds through a series of transactions, knowing that they would reap hundreds of thousands of dollars in undeserved commissions along the way.”

Parents and son charged in insurance fraud scheme

WoW the apple didn't fall far from the tree in that Pescatore family, it would appear.

When you look at the photos of those three, they look sleazy as can be. Don't think I would want to do business with them. Well, maybe to mow the yard or something like that; certainly not purchasing financial products!

 

[Brian Anderson]

Just posted the next installment of “Agents Behaving Badly.” In Part III, cases involving fraudulent life insurance and Med Supp apps, rebating, identity theft and more.





Insurance Forums | Agents Behaving Badly Part III

 

[JasonW]

Some of these crooks took real money, but some of them went to great lengths for what looks like ridiculously small reward. Maybe I just lack the imagination to grasp the criminal mind set, but some of these scams look like more work than they were worth. A similar amount of effort put into prospecting would have paid better with none of the downside.

Finding people willing to apply for the fake policies, creating phony accounts, borrowing money, repaying the loans with premium just to keep the spread between the premium and the loan?????? Sounds like a bunch of work for a questionable return with a severe risk connected to it. A similar effort expended toward prospecting clients and recruiting may have returned more money with no risk of getting put in prison. Am I missing something, or are these people as stupid as they are dishonest?

 

[senior-advisor-indiana]

Just posted the next installment of “Agents Behaving Badly.” In Part III, cases involving fraudulent life insurance and Med Supp apps, rebating, identity theft and more.





Insurance Forums | Agents Behaving Badly Part III

I'm shocked that Medico paid out commisssions on 252 fake med supp policies over an 8 month period. I'm curious how he got paid with all the chargebacks rolling in and how he even got advanced in the first place with fake banking info...

 

[sman]

I'm shocked that Medico paid out commisssions on 252 fake med supp policies over an 8 month period. I'm curious how he got paid with all the chargebacks rolling in and how he even got advanced in the first place with fake banking info...

Doing some research?

 

[VolAgent]

Doing some research?

For a friend...

 

[Markthebroker]

I thought if the felony was for forgery, bad checks, or other financial scams it was NO! But with other convictions like drugs they could he forgiven after a set period of time?

My understanding is that things like drug and alcohol felonies are often allowed because they don't show a history of harming/taking from/scamming others. Generally you are harming yourself more than others, and not necessarily being dishonest.

Fraud, forgery, etc. Things like that show a lack of morals and a willingness to harm others/trick others, cheat the system, etc. and are more likely to result in a denial.