A former partner of TriArc Financial Services (TriArc Services) pleaded guilty on Tuesday to wire fraud and aggravated identity theft arising from a scheme to defraud businesses seeking insurance, the US Attorney’s Office, District of Maryland, announced.
Seventy year-old Glenn Fischer admitted that he fraudulently collected more than $4.4 million in insurance premiums which he did not remit to an insurance company, causing losses in that amount to the victims who thought they were insured.
In 2009, Fischer created a Nevada corporation called TriArc Marketing Solutions (TriArc Solutions) and opened bank accounts for TriArc Solutions. From 2009-2014, he caused prospective insureds to believe that he was authorized to issue RVI policies on behalf of TriArc Services.
“Fischer also concealed the creation and use of TriArc Solutions from his partners at TriArc Services,” it was claimed.
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It is alleged he created and sent false insurance coverage documents, fraudulent emails, premium invoices, lists of covered vehicles, and other documents to victim companies, causing them to falsely believe that they had purchased RVI insurance, the statement said.
Fischer collected $4.4 million in RVI insurance premiums from the victims, which he deposited into the TriArc Solutions bank accounts. He and his relatives used the proceeds of the insurance premium payments for their personal benefit.
He faces up to 20 years in prison for wire fraud, and a mandatory two years in prison, consecutive to any other sentence imposed, for aggravated identity theft.
“As part of his plea agreement, Fischer will be required to forfeit all property constituting, derived from, or traceable to, the proceeds of the fraud, including, but not limited to $4.4 million,” the statement said. He will be sentenced on June 09.
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