San Jose father and son charged in alleged $4 million insurance fraud scheme [Bay Area News Group]
San Jose Mercury News (CA)
A San Jose father and son duo were charged for their alleged participation in a $4 million scheme in which they avoided paying worker’s compensation insurance premiums for their employees, according to the Santa Clara County District Attorney’s Office.
Edgardo Cabrales Sr., 61, and his son, Edgar Cabrales Jr., 36, were each charged with five counts of insurance fraud. Prosecutors said both men are owners of two San Jose commercial cleaning companies: Pine Building Maintenance and Network Facility Management.
The DA’s office said the pair failed to report employee wages in order to save $4.2 million on insurance premiums, securing insurance for only some of the workers at Pine Building maintenance, and failing to get any insurance for employees at Network Facility Management “even though most of their business was operated through NFM.”
Related Articles
“Workers’ Comp insurance is money that is used to help injured employees get medical care and stay financially afloat while they recover,” District Attorney Jeff Rosen said. ”People who illegally avoid paying proper premiums are cheating the insurance companies, their workers, and every business that plays by the rules.”
P&C Insurance Software Market May Set New Growth Story : Pegasystems, Majesto, Tigerlab, Insurance Sys
Taxi Insurance Market to Witness Huge Growth by 2028 : Metlife, AXA, AIG: The Global Taxi Insurance Market to witnessed good recovery in growth post first half of 2022 and is projected coverup market sizing during the forecast period (2022-2028).
Advisor News
- CFP Board appoints K. Dane Snowden as CEO
- TIAA unveils ‘policy roadmap’ to boost retirement readiness
- 2026 may bring higher volatility, slower GDP growth, experts say
- Why affluent clients underuse advisor services and how to close the gap
- America’s ‘confidence recession’ in retirement
More Advisor NewsAnnuity News
- Insurer Offers First Fixed Indexed Annuity with Bitcoin
- Assured Guaranty Enters Annuity Reinsurance Market
- Ameritas: FINRA settlement precludes new lawsuit over annuity sales
- Guaranty Income Life Marks 100th Anniversary
- Delaware Life Insurance Company Launches Industry’s First Fixed Indexed Annuity with Bitcoin Exposure
More Annuity NewsHealth/Employee Benefits News
- Jackson County receives $35,400 health dividend
- Health insurance CEOs on the hot seat: Premiums up 90% since Obamacare launched 16 years ago
- Congress puts health insurance CEOs in the hotseat over denied claims, rising premiums
- Illinois Medicaid program faces looming funding crisis due to federal changes
- Recent Research from Medical College of Wisconsin Highlight Findings in Managed Care and Specialty Pharmacy (Differences In Glp-1 Ra Medication Adherence Across Place-based Variables In Patients With Diabetes Living In Wisconsin): Drugs and Therapies – Managed Care and Specialty Pharmacy
More Health/Employee Benefits NewsLife Insurance News