A Buffalo, N.Y., man is accused of using a whole lot of nothing to commit insurance fraud against Allstate.
According to a release from the New York State Insurance Department, Sidney Edwards, 55, used a bank account that didn't exist to buy insurance on a home that he didn't own, all so he could cash in on property losses that didn't occur.
Apparently, the scheme attempted to exploit holes in the company's claim reporting system. According to documents, Edwards randomly selected a home and used the address to buy a homeowner's policy on the property. He then provided Allstate with a fictitious bank account number for payment of the premium.
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