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Insurance brokers Byron Frisch and Kristian Giordano, along with attorneys Kasra Sadr and Brenda Barrera Merriles, were arraigned today (Aug. 1) for fraudulently inducing insurance companies to issue more than $50 million in policies to unqualified people who had no intention of paying premiums. The defendants raked in more than $1.6 million in the process, according to the U.S. Attorney's office. Among their alleged scams were recruiting the elderly to apply for so-called free life insurance policies with million-dollar death benefits. The defendants then submitted fraudulent applications to life insurance companies by intentionally omitting or falsifying an applicant's net worth or source of premium payments, says the government.
Insurance brokers Byron Frisch and Kristian Giordano, along with attorneys Kasra Sadr and Brenda Barrera Merriles, were arraigned today (Aug. 1) for fraudulently inducing insurance companies to issue more than $50 million in policies to unqualified people who had no intention of paying premiums. The defendants raked in more than $1.6 million in the process, according to the U.S. Attorney's office. Among their alleged scams were recruiting the elderly to apply for so-called free life insurance policies with million-dollar death benefits. The defendants then submitted fraudulent applications to life insurance companies by intentionally omitting or falsifying an applicant's net worth or source of premium payments, says the government.