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Schuette Charges Southeast Michigan Man for Running Commercial Insurance Fraud Scheme

Contact: John Sellek or Joy Yearout 517-373-8060

April 12,  2012 

LANSING - Michigan Attorney General Bill Schuette announced the Attorney General's Corporate Oversight Division has charged a Southeast Michigan man for his alleged involvement in an insurance fraud scheme.  The charges result from a joint investigation by the Office of Financial and Insurance Regulation (OFIR) and the Department of Attorney General which revealed approximately $250,000 in insurance premiums collected by the Troy-based insurance agent were pocketed instead of being remitted to the proper insurance companies. As a result, at least two Michigan companies and one Illinois company went without the insurance coverage for which they had paid the agent. 

"Insurance agents hold a position of trust by handling the money and insurance coverage of others," said Schuette.  "When individuals violate that trust for their own financial gain at the expense of innocent clients they should be prepared to face the consequences.  My office stands ready to protect the public from these criminals."

It is alleged that from January 2006 through December 2009 David Daniel Fischer, 50, of Beverly Hills, Michigan, sold commercial insurance policies as the owner of the Troy-based insurance agency Bosquett & Company.  During the same time period, it is alleged Fischer collected a total of approximately $250,000 in premiums from two Michigan companies and one Illinois company to renew various commercial insurance policies on their behalf.  Instead of remitting the funds to the proper insurance companies, Fischer allegedly kept the money for his own personal use.  As a result, insurance policies for the three companies were cancelled, without their knowledge.  It is alleged that Fischer provided false documentation to the companies that suggested they maintained the proper coverage, even after the policies had been cancelled due to nonpayment.  Bosquett & Company has since ceased operations.   

The following charges have been filed by Schuette with the 52-4 District Court in Troy:

·         David Daniel Fischer:

o   One count of Embezzlement - $100,000 or More, a felony punishable by up to 20 years in prison and/or a $50,000 fine, or up to three times the amount embezzled, whichever is greater;

o   One count of Using a Computer to Commit a Crime, a felony punishable by up to 20 years in prison and/or a $20,000 fine; and

o   Three counts of False Pretenses - $20,000 or More, a felony punishable by up to 10 years in prison and/or a $15,000 fine, or three times the value of money or property involved, whichever is greater. 

·         Bosquett & Company:

o   One count of Embezzlement - $100,000 or More, a felony punishable by up to 20 years in prison and/or a $50,000 fine, or up to three times the amount embezzled, whichever is greater;

o   One count of Using a Computer to Commit a Crime, a felony punishable by up to 20 years in prison and/or a $20,000 fine; and

o   Three counts of False Pretenses - $20,000 or More, a felony punishable by up to 10 years in prison and/or a $15,000 fine, or three times the value of money or property involved, whichever is greater. 

Arrangements are being made for Fischer to surrender himself to the proper authorities.  Fischer is scheduled to be arraigned in Troy's 52-4 District Court before Judge William E. Bolle on Tuesday, April 17th at 9:00 a.m.  A pre-exam conference is scheduled for Monday, April 23rd at 8:30 a.m. 

A criminal charge is merely an accusation and the defendants are presumed innocent unless proven guilty.

 

-30- 

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