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The Sanders Firm, P.C.: Insurance Fraud

The Sanders Firm, P.C. in New York City offers defendants services related to charges of insurance fraud as outlined in Article 176 New York Penal Law. There are 12 different types or degrees of insurance fraud listed under Article 176, ten of which are classified as felonies. Insurance fraud occurs when someone has the intent to defraud or does defraud an insurer, insured or self-insured of property by preparing and/or presenting a false claim.

Insurance Fraud

Article 176.10 states that “a person is guilty of insurance fraud in the fifth degree when he commits a fraudulent insurance act.” This is a class A misdemeanor. Insurance fraud in the fourth degree, which is a class E felony, involves wrongfully obtaining property worth more than one thousand dollars. The law states that insurance fraud in the third degree occurs when “a person…commits a fraudulent insurance act and thereby wrongfully takes, obtains or withholds, or attempts to wrongfully take, obtain or withhold property with a value in excess of three thousand dollars.” This is a class D felony.

The language for second and first degree insurance fraud is the same as that for third degree fraud except that insurance fraud in the second degree (class C felony) the property in question has a value in excess of fifty thousand dollars and in the first degree (class B felony) the property has a value of over one million dollars.

Aggravated insurance fraud, which is a class D felony, is the commitment of or attempt to commit a fraudulent act as described in Article 176 after having been convicted of insurance fraud in the past five years.

Life Settlement Fraud

Life settlement fraud is described in the following manner under Article 176.40 New York Penal Law:

“A fraudulent life settlement act is committed by any person who, knowingly and with intent to defraud, presents, causes to be presented, or prepares with knowledge or belief that it will be presented to, or by, a life settlement provider, life settlement broker, life settlement intermediary, or any agent thereof, or to any owner any written statement or other physical evidence as part of, or in support of, an application for a life settlement contract, a claim for payment or other benefit under a life settlement contract, which the person knows to: (1) contain materially false information concerning any material fact thereto; or (2) conceal, for the purpose of misleading, information concerning any fact material thereto.”

In essence, when you engage in life settlement fraud you are misrepresenting information regarding or connected to an insurance policy in an attempt to defraud a person or company of property. The act itself, which is life settlement fraud in the fifth degree, is a class A misdemeanor, while life settlement fraud in the fourth degree involves property in excess of twenty-five thousand dollars. Life settlement fraud in the fourth degree is a class E felony.

Each degree of life settlement fraud is differentiated by the value of the property involved. Life settlement fraud in the third degree, a class D felony, pertains to property in excess of fifty thousand dollars, and life settlement fraud in the second degree is for property worth more than one hundred thousand dollars. It is a class C felony. If the property involved is worth over one million dollars, the perpetrator has committed life settlement fraud in the first degree, which is a class B felony. Aggravated life settlement fraud, a class D felony, occurs when someone who has been convicted of the crime within the past five years has once again committed the act.

Your Rights When Charged

If you are charged with insurance fraud under Article 176 New York Penal Law, The Sanders Firm, P.C. believes that it is important to preserve your rights regarding due process, including your Miranda rights. If arrested, you have the right to remain silent and speak with legal counsel before you are interrogated by law enforcement. You may also have your attorney present during any questioning. If you elect to forego your Miranda rights, then anything you say or do can be used against you when you go to trial.

Seeking Justice

The Sanders Firm, P.C. is dedicated to ensuring that anyone who is charged with a criminal act receives due process and that each aspect of the justice system that protects a defendant is utilized. If you have been charged with insurance fraud or life settlement fraud under Article 176 New York Penal Law, contact us. In the New York criminal justice system, we will be your voice for justice.