Minnesota Man Sentenced for False Insurance Claim
A St. Paul, Minn., man has been sentenced for filing a false insurance claim for artwork he had reported as stolen.
Thirty-nine-year-old Jason Sheedy was sentenced Monday in federal court to three years probation on one count of wire fraud.
Sheedy also must pay $352,000 in restitution and serve 500 hours of community service.
In his plea agreement, Scheedy admitted coming up with a scheme to defraud AXA Art Insurance Corp. The insurance company insures artwork and other items of historic value.
Prosecutors say Sheedy filed a nearly $275,000 insurance claim over art and other valuables he reported as stolen in 2007. He collected $254,000 from AXA.
But the insurer later documented that some of the works Sheedy listed for sale on Artbrokerage.com were the same ones it had insured.
- Warren, Hawley Press Insurers Over Closed, Unpaid Claims
- Will California’s New Smoke Claims Law Create a Recovery Bottleneck?
- Before the Nuclear Verdict: Rethinking How Liability Claims Are Managed
- Report: Property Claims Face Delays, Are Growing More Complex
- Londoners Find ‘Horrendous’ Cracks in Their Homes After Successive Heat Waves
- Apollo’s Rowan Blasts Regulators for Handling of Walter Insurers
- The Nation’s Insurance Laboratory: What Liability Trends in California Mean for the Rest of the Country
- Are We Training Claims Adjusters or Claims Processors?