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Former Insureon CFO pleads guilty to $ 6 million fraud



Kevin Mix, former controller of the insurance company Insureon, pleaded guilty on Tuesday to a system in which nearly $ 6 million was diverted to bank accounts controlled by him.

In an agreement filed in the U.S. District Court Northern Illinois and Chicago, Mr. Mix pleaded guilty to one count of fraud and risks a maximum sentence of 20 years. A lower sentence can be applied if the court determines that he accepts personal responsibility for the fraud, says court papers.

According to the agreement, Mr. Mix the company's accounting business, including provisional, as a controller for Chicago-based Insureon. approval of invoice payments to suppliers.

The scam started around October 201

8 when he started redirecting payments for invoices to a bank account he was checking; the system escalated in February 2019 when an employee who left the company gave Mr. Mix his access token, username and password to Insureon's bank account, which Mr. Mix used to carry out several other fraudulent transfers, according to court documents.

"Between October 2018 and June 2020, through approximately 42 bank transfers, Mix fraudulently approved the payment of approximately $ 5,845,427," it says in court papers. [19659002] Mr. Mix agreed to repay the funds and to confiscate various properties he bought with the money. Prosecutors claim that the property being confiscated includes various property holdings, a Mercedes GT63C4, two gold bars and diamond jewelry.

Insureon declined to comment on the case.


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