The individual’s alleged schemes occurred outside of California and were focused on residents of Louisiana.
A man from Los Angeles, California has now been placed under arrest by authorities in New Orleans after having allegedly been taking part in an insurance fraud scheme that involved the sale of fake employer’s liability and workers compensation policies throughout Louisiana.
This insurance scam announcement was made by Attorney General Buddy Caldwell.
The individual in this insurance fraud case, fifty year old Terry Frances, has now been charged with five separate counts of theft by means of fraudulent conduct, in addition to seven counts of forgery of certificates of insurance, four counts of forgery, and six counts of illegal transmission of monetary funds. The arrest of Savoy was made after an extensive investigation that involved several official offices.
Savoy had been conducting his insurance fraud under the NTRUST Financial business name.
The arrest was made possible after the Orleans Parish District Attorney’s Office, the Investigations Division of the Attorney General’s office, the Los Angeles County Sheriff’s Department Fraud and Cyber Crimes Bureau, the Houma Police Department, and the CAN Insurance Security Fraud Division’s combined efforts to identify the culprit.
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Under the NTRUST Financial name, Savoy was contracting small health care provider organizations for the handling of the payroll of the companies. Savoy then traveled to Louisiana in person in order to establish some contacts with companies whom he could potentially make victims of his insurance scheme. Then, he would sell fraudulent policies to those businesses and would send the money that he collected from them back to California in order to purchase the fake policies.
Once he received the payments from the victims, no original documents or monthly premiums would be provided. Instead of that, he offered the victims only fake fact sheets of the policy as well as a false bank letter of credit. Because of this insurance fraud, thousands upon thousands of dollars were stolen from its victims. Though Savoy’s initial apprehension was back on May 2 in Los Angeles, he was only just recently extradited back to New Orleans, where he was arrested on a number of outstanding warrants.