Southeast Michigan man charged with insurance fraud scheme

The Attorney General's Corporate Oversight Division has charged a Southeast Michigan man for his alleged involvement in an insurance fraud scheme. The charges result from a joint investigation by the Office of Financial and Insurance Regulation (OFIR) and the Department of Attorney General, which revealed approximately $250,000 in insurance premiums collected by the Troy-based insurance agent were pocketed instead of being remitted to the proper insurance companies. As a result, at least two Michigan companies and one Illinois company went without the insurance coverage for which they had paid the agent. ''Insurance agents hold a position of trust by handling the money and insurance coverage of others,'' said Michigan Attorney General Bill Schuette. ''When individuals violate that trust for their own financial gain at the expense of innocent clients they should be prepared to face the consequences." It is alleged that from January 2006 through December 2009 David Daniel Fischer, 50, of Beverly Hills, Michigan, sold commercial insurance policies as the owner of the Troy-based insurance agency Bosquett & Company. During the same time period, it is alleged Fischer collected a total of approximately $250,000 in premiums from two Michigan companies and one Illinois company to renew various commercial insurance policies on their behalf. Instead of remitting the funds to the proper insurance companies, Fischer allegedly kept the money for his own personal use. As a result, insurance policies for the three companies were cancelled without their knowledge. Bosquett & Company has since ceased operations. Fischer has been charged with one count of embezzlement; one count of using a computer to commit a crime; and three counts of false pretenses. A pre-exam conference is scheduled for Monday, April 23 at the 52-4 District Court in Troy. Published: Mon, Apr 23, 2012