A North Carolina scam involved 41 people who have either pleaded guilty or reached plea agreements. Federal investigators have now discovered the truth behind a massive crop insurance bust that involved dozens of farmers, brokers, claims adjusters, and agents in eastern North Carolina, which had intended to defraud their policies for at least $100 million. Authorities have said that the investigation is ongoing, but it has already proved to be the largest scam ring in the U.S. So far, there have been 41 defendants that have either pleaded guilty to…
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Crop insurance fraud detected in NC worth $21 million
A North Carolina man will now be going to jail for his role in the multimillion dollar scam. A man living in North Carolina will be leaving his current home in order to take up residence in jail after having taken part in a crop insurance fraud scam that is currently estimated to have stolen approximately $21 million. The scandal has stretched over several participants but this individual has just pled guilty to his crimes. The man’s name is Jimmy Thomas Sasser, from Wilson, North Carolina. On Wednesday, he stated…
Read MoreUnderstanding the insurance overlaps among crop, ACRE, and SURE coverage
A report has been released by economists from the United States Department of Agriculture (USDA) on the topic of overlaps by the various farm safety net programs, investigating the possibility for fraud by those crossovers, but determined that there was very little evidence of its occurrence. However, the hope is that the new Farm Bill will divide the programs in a way that will minimize the potential of overlaps in the future. One of the best examples of farm program complexity is ACRE. The low participation in the program is…
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