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A CNA Financial Corp. health care liability underwriter has been charged by federal prosecutors with fraudulently obtaining more than $13.5 million in premium payments from policies not authorized by the insurer.
In United States of America v. David Ballard, filed Friday in U.S. District Court in Chicago, the U.S. Attorney for the Northern District of Illinois charged that for more than 10 years, Mr. Ballard collected premium payments from a large Pennsylvania-based health care company on matching deductible insurance renewal policies, where the policy limit matches the deductible but the insurer pays claims if the policyholder becomes insolvent.
The complaint does not name the policyholder or the insurer, but sources said Mr. Ballard worked for CNA. Spokesmen for CNA and the attorney general’s office declined to comment.
According to court documents, Mr. Ballard was responsible for overseeing the health care company’s account, which included about 20 hospitals, and the company first bought insurance from the insurer around 2004.
Mr. Ballard issued policies to the company using phony binders and policies and then diverted the premiums to a shell company he controlled, prosecutors charge.
“As a result of the fraudulent estimates, invoices, binder letters, and policies, Ballard fraudulently obtained premium payments from (the company) totaling approximately $13,575,488, which Ballard kept and used to purchase real estate for himself and his family and to pay for his personal expenses, including credit card bills, expensive dinners, and trips,” court papers say.
Mr. Ballard is charged with one count of wire fraud, which is punishable by up to 20 years in prison.
(Reuters) — U.S. authorities said on Monday that 74 people had been arrested in a global crackdown on email fraud scams, in which criminals have attempted to steal billions of dollars from businesses and individuals.