Menu

Crime & Courts

Feds bust up $100 million NC crop insurance fraud ring; say it's largest uncovered in US

Federal authorities in North Carolina have unraveled a massive criminal conspiracy they say defrauded $100 million from the government-backed program that insures farmers against crop losses.

Prosecutors say the scheme is the largest of its kind uncovered in the country: 41 insurance agents, claims adjusters, crop brokers and farmers have pleaded guilty or reached plea agreements so far. The defendants have been sentenced to pay $43 million in fines and restitution, as well as years in prison.

The ring filed false insurance claims for weather-related loses of tobacco, soybeans, wheat and corn. Often, the crops weren't damaged at all, with farmers later selling their written-off harvests under false aliases.

Prosecutors say those abusing the system make it harder on honest farmers by increasing the cost of insurance premiums.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.30% up 4.25%  
15 Y Fixed Graph 3.29% dw 3.32%  
30 Y Fixed Jumbo Graph 4.58% dw 4.59%  
5/1 ARM Graph 3.45% dw 3.63%  
5/1 Jumbo ARM Graph 3.52% up 3.49%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.38% dw 4.46%  
$50K HELOC Graph 4.11% dw 4.17%  
$30K Loan Graph 4.99% dw 5.10%  
$50K Loan Graph 4.40% dw 4.55%  
$75K Loan Graph 4.40% dw 4.51%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.91% up 2.87%  
36 M Used Graph 3.43% up 3.35%  
48 M New Graph 3.19% up 3.14%  
48 M Used Graph 2.97% up 2.92%  
60 M New Graph 3.22% up 3.17%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.34% -- 0.34%  
1 yr Graph 0.68% -- 0.68%  
5 yr Graph 1.38% up 1.37%