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 prospects 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 Could 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, based on a Commerce Division information launch.

A number of the supposed prospects informed 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 mentioned within the launch.

The costs 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 supplier 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 might be waived when he repays Cigna in full.

The costs towards Meyers embrace six felony counts of fraud, theft by swindle and id theft, with essentially the most severe counts carrying a sentence of as much as 20 years in jail and a superb of $100,000. His first look in Ramsey County District Court docket is about for Oct. 10.

“We’re grateful for the exhausting work of the Minnesota Division of Commerce fraud investigators to convey this case ahead to our workplace,” mentioned Ramsey County Legal professional John Choi.

“The burden of any such fraud is shouldered by the general public via will increase in insurance coverage charges, and the regulation enforcement deal with uncovering any such monetary fraud is our precedence.”