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True Crime of Insurance Fraud Video Number 58



See the full video at https://rumble.com/v11kqkq-true-crime-of-insurance-fraud-video-number-58.html and at https://youtu.be/GxCzbBaoAxg

The bookkeeper was a first-generation Russian-American. He was born in New York City six weeks after his parents were admitted to the United States as refugees and fled Soviet Russia after the end of World War II. He was the first member of his family to graduate from any school. He received a scholarship to Columbia University where he earned his bachelor’s degree in business administration. He also spoke fluent Russian because his parents were more comfortable speaking their mother tongue at home.

The Bookkeeper came to California in the early 1960s. He worked at a large auditing firm as an accounting clerk. After three unsuccessful attempts to pass the CPA exam, he decided that he was not appointed to become a certified public accountant.

From the late 1950s until the early 1970s, a large number of Soviet immigrants were allowed into the United States as refugees. A large Russian community established itself in the Fairfax district of Los Angeles and in Glendale, California.

The bookkeeper, due to his ability to speak the language, began making books and tax returns in his spare time for Russian immigrants. Word of mouth spread in the Russian-speaking community and soon his part-time job took more time than his real job. He set up an accounting service in a shop window and became the bookkeeper of the Russian community.

He started a business. He bought a furniture factory and because he had no experience of running a manufacturing company, he lost all his investment. The bookkeeper remembered his customers’ skills and sold all the equipment and fixtures and fittings in the manufacturing business and then reported a burglary.

This time, to the bookkeeper’s great surprise, the insurer examined. They discovered the identity of the buyers of the equipment that was allegedly stolen and put an end to a successful career in fraud.

The bookkeeper is now serving a five-year sentence in the state prison and the burnt-out shell from his dream home was sold by his mortgagee, after foreclosure, for the value of the land.

The bookkeeper should have done what he was good at, bringing the books to criminals. But for greed, the bookkeeper would still help others commit fraud without risk to himself. His fault was trying to be as criminal as his clients.

Although the bookkeeper was effective in helping his criminal clients succeed, he was not a devoted criminal and that is why his attempted fraud failed. Insurance fraud requires skill, incapable bile and the ability to lie effectively. He had the skill and the bile but was not an effective liar. Fraud failed.


(c) 2022 Barry Zalma & ClaimSchool, Inc.

Barry Zalma, Esq., CFE, now limits his internship to the position of insurance consultant specializing in insurance coverage, insurance claims management, non-insurance and insurance fraud almost equally for insurers and policyholders. He practiced law in California for more than 44 years as a lawyer for insurance coverage and claims management and more than 54 years in the insurance industry. He is available at http://www.zalma.com and zalma@zalma.com.

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About Barry Zalma

An author, consultant and expert with insurance coverage and claims management with more than 48 years of practical experience and experience in the courtroom.




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