A 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 to obtain life insurance policies in the names of various individuals, according to the Department of Justice. They then allegedly scammed the carriers into paying death benefits by misrepresenting the identity of a different deceased person as the insured.
The scam began in 2013 and continued until last month, according to the Department of Justice. Among the defendants are sets of spouses and, in some cases, their children, as well as an insurance agent who also owned a business that performed medical examinations on applicants for term life insurance policies. The indictment seeks forfeiture from the defendants of at least $26 million, as well as nine luxury automobiles, eight Rolex watches, and properties in the Chicagoland area.
The defendants have been charged with multiple counts of wire and mail fraud. Most were arrested Thursday in Illinois and Florida.
“The fraud scheme charged in the indictment involved an elaborate deception against multiple insurance companies for the purpose of financial gain,” said John R. Lausch Jr., US attorney for the Northern District of Illinois. “I commend the FBI Chicago field office and the Arlington Heights Police Department for their diligent work in uncovering this complex...
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