A classic of Chicago crime
Each takes a commission that dilutes the initial premium so that there is no longer any money left to pay for claims. Asset diversion is the theft of insurance company assets, for example, using borrowed funds to buy an insurance company and then using the acquired company's assets to pay off the debt. Attempts to illegally reap funds from insurance policies by buyers can take on a variety of forms and methods.
Insurance fraud with automobiles, for instance, may include disposing of a vehicle and then claiming it was stolen in order to receive a settlement payment or a replacement vehicle.
Rajasthan man plots own murder so family can get insurance
The original vehicle could be secretly sold to a third party, abandoned in a remote location, intentionally destroyed by fire, or pushed into a river or lake. In particular, if the owner sells the vehicle, they would seek to profit by pocketing the cash, and then claim the vehicle was stolen in order to receive further compensation. The owner of a vehicle might attempt to cut the costs of insurance premiums by using a false registration.
If the vehicle owner lives in an area with high rate premiums because of recurring car theft in the neighborhood or other reasons, the owner might try to register the vehicle in a different area to lower their premiums. Repair work on a vehicle could also become a source of insurance fraud. For example, a repair shop that is expecting payment from the insurer might charge for extensive work but then use cheap or even fake replacements.
Does Life Insurance Pay if You Are Murdered? - Budgeting Money
The Customs agents contacted the FBI in Columbus, and after confirming an outstanding arrest warrant, placed Hanson under arrest. Boggs was arrested the same week at his office. Hawkins managed to leave the United States despite a flurry of media exposure. While awaiting extradition to the U. Boggs and Hanson were both convicted of Greene's murder and multiple counts of fraud, and were sentenced to life imprisonment plus nine years without parole, while Hawkins was convicted of conspiracy to murder and fraud, and was sentenced to 34 years to life.
Hawkins received a lighter sentence as he hadn't been involved in the actual murder, though investigators suspected he was the brains behind the scheme. He was paroled in Yocum and Candisky published a book, Insured for Murder detailing the case. In Edwin Chen, an investigative reporter for the LA Times , wrote a book entitled "Cheating Death", which provides an in depth review of the almost perfect million-dollar murder though it was published before Hawkins was arrested. Unsolved Mysteries and America's Most Wanted profiled the case when Hawkins was still a fugitive of justice.
The case was also featured on an episode of Forensic Files. Richard Boggs died of a heart attack in May while serving his life sentence at Corcoran State Prison.
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