Copyright held by The John Cooke Fraud Report. Reprint rights are granted with attribution to The John Cooke Fraud Report with a link to this website.
What’s an easy way to acquire interest in two buildings in San Francisco, a condominium in Las Vegas and a condominium in the Cayman Islands?
Simply represent yourself as an insurance broker and sell $6.6 million worth of bogus policies to unsuspecting restaurant owners. Tell them that you’ve procured coverages for them through Lloyd’s and then issue bogus policies. It worked, for awhile, for former insurance agent Richard Peterson (aka Robert James) of San Francisco. But even when he was busted for similar activities in 1999, it didn’t slow him down. Now, however, a ball and chain will slow him down. He’s also been ordered to pay back $6.6 million that he took from restaurants and bars. The most current investigation was handled by the California Department of Insurance, the US Postal Service, Manhattan Office and the Office of the US Attorney, Southern District. And now Peterson/James is off to Club for a ten year stint behind bars.
© Copyright 2007 The John Cooke Fraud Report