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.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
