Sign in to comment!

Menu
Home

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 3.94% up 3.88%  
15 Y Fixed Graph 3.02% dw 3.05%  
30 Y Fixed Jumbo Graph 4.29% dw 4.33%  
5/1 ARM Graph 3.48% dw 3.50%  
5/1 Jumbo ARM Graph 3.66% up 3.61%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.56% dw 4.62%  
$50K HELOC Graph 4.07% -- 4.07%  
$30K Loan Graph 4.97% -- 4.97%  
$50K Loan Graph 4.34% -- 4.34%  
$75K Loan Graph 4.34% -- 4.34%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.66% dw 2.67%  
36 M Used Graph 3.18% up 3.17%  
48 M New Graph 2.94% -- 2.94%  
48 M Used Graph 2.79% -- 2.79%  
60 M New Graph 3.05% -- 3.05%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.40% dw 0.41%  
1 yr Graph 0.72% dw 0.72%  
5 yr Graph 1.45% dw 1.49%