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 Security numbers with working for Cigna Corp from 2018 to 2020.

401 life insurance coverage insurance policies Meyers claimed to have offered between May 2018 to June 2019 by no means generated a premium fee to Cigna, whereas among the Social Security numbers didn’t exist or belonged to individuals who had died, in response to a Commerce Department information launch.

Some of the supposed prospects instructed 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 workers of an organization referred to as Synergy Benefits Solutions. Investigators concluded that Meyers was the only real proprietor of Synergy, it was stated within the launch.

The costs allege that Meyers used these fraudulent earnings to buy vehicles, airplane tickets and to buy, together with a $76,000 to a Jaguar Land Rover seller whereas additionally withdrawing $100,000 in money.

Meyers should repay $648,000 to Cigna inside 5 years. The Department of Commerce, which licenses insurance coverage brokers in Minnesota, revoked his insurance coverage license retroactively and imposed a civil penalty of $100,000, which can 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 effective of $100,000. His first look in Ramsey County District Court is about for Oct. 10.

“We are grateful for the hard work of the Minnesota Department of Commerce fraud investigators to bring this case forward to our office,” stated Ramsey County Attorney John Choi.

“The burden of this type of fraud is shouldered by the public through increases in insurance rates, and the law enforcement focus on uncovering this type of financial fraud is our priority.”