Insurance fraud is a leading white-collar crime that can land individuals in prison or cost hundreds of thousands, if not millions of dollars. If you are dealing with an insurance fraud scheme case in Oklahoma, it is important to become well-versed in the realm while learning more about your options and defense solutions.
What are insurance fraud schemes?
Insurance fraud schemes are leading in
white collar crimes, as they often include the buyer or seller of an insurance contract acting inappropriately and illegally. Individuals who sell policies from non-existent companies or those who fail to submit premiums can all be found guilty of defrauding the insurance industry.
Types of insurance fraud
There are many different types of
white collar crimes involving insurance fraud, such as:
– Fee churning: Individuals who take commissions while diluting initial premiums are considered fee churners.
– Premium diversion: Diverting premiums by selling insurance even without a proper license is considered insurance fraud.
– Asset diversion: With asset diversion, an individual or group may steal an insurance company’s assets or funds to pay off additional debt elsewhere.
How to protect yourself from an insurance fraud scheme
Whether you are investing in insurance for yourself or your business or if you have recently been charged with insurance fraud, it is imperative to seek and obtain legal counsel as quickly as possible. Gather evidence, financial records, as well as any records to help prove your case prior to your meeting with your preferred law firm.
If you are living in the State of Oklahoma and you are facing white-collar crime charges such as insurance fraud, retaining a lawyer is a must. With the right legal team by your side, confront and defend your rights while reducing the risk of prison time or fines you are facing