Minnesota dealer charged for alleged $650,000 fraud scheme

The Commerce Fraud Bureau has formally charged Minnesota dealer Kevin Anthony Meyers for his alleged involvement in a $650,000 fraud scheme.

The group discovered proof that Meyers invented clients and faked Social Safety numbers with working for Cigna Corp from 2018 to 2020.

401 life insurance coverage insurance policies Meyers claimed to have offered between Might 2018 to June 2019 by no means generated a premium fee to Cigna, whereas a few of the Social Safety numbers didn’t exist or belonged to individuals who had died, in keeping with a Commerce Division information launch.

A few of the supposed clients instructed investigators they knew Meyers however had not bought any insurance coverage from him, it has been alleged. Meyers additionally earned commissions after reporting gross sales to staff of an organization referred to as Synergy Advantages Options. Investigators concluded that Meyers was the only proprietor of Synergy, it was stated within the launch.

The fees allege that Meyers used these fraudulent earnings to buy automobiles, airplane tickets and to buy, together with a $76,000 to a Jaguar Land Rover vendor whereas additionally withdrawing $100,000 in money.

Meyers should repay $648,000 to Cigna inside 5 years. The Division of Commerce, which licenses insurance coverage brokers in Minnesota, revoked his insurance coverage license retroactively and imposed a civil penalty of $100,000, which will likely be waived when he repays Cigna in full.

The fees in opposition to Meyers embody six felony counts of fraud, theft by swindle and identification theft, with essentially the most severe counts carrying a sentence of as much as 20 years in jail and a wonderful of $100,000. His first look in Ramsey County District Courtroom is about for Oct. 10.

“We’re grateful for the laborious work of the Minnesota Division of Commerce fraud investigators to deliver this case ahead to our workplace,” stated Ramsey County Lawyer John Choi.

“The burden of one of these fraud is shouldered by the general public via will increase in insurance coverage charges, and the legislation enforcement concentrate on uncovering one of these monetary fraud is our precedence.”