Police bust luxury car insurance fraud operation

Police bust luxury car insurance fraud operation | Insurance Business

Police bust luxury car insurance fraud operation

A New Jersey man pleaded guilty to insurance fraud earlier this week according to the Attorney General’s Office amid allegations he was shipping luxury cars to China and then claimed they were stolen to get the insurance payout.

In the first instance, Steven Shore, a 58 year old Pennsauken car salesman bought a 2013 Porsche Cayenne on October 3rd, 2012 and took an insurance policy out the next day for it through Liberty Mutual Insurance Company.


The following month Shore then reported the car was stolen from outside his house to local police and correspondingly filed a claim with the company. By December he was given about $70,000 for the car.

Like most criminals Shore could not simply walk away the first time and was soon moving on to his second incident.

This time Shore allegedly claimed to sell another Porsche to Michelle Yorgan, who soon after reported it stolen, but it soon became apparent the car transaction never took place.

Travelers Insurance, Yorgan’s insurance provider at the time, thought the situation was fabricated and ended up denying the claim. Additionally, they decided to alert the Office of the Insurance Fraud Prosecutor, according to the Attorney General’s Office who then began to look into Shore’s shady transaction history.

It is now widely believed the cars were shipped to China for resale. Shore has admitted to defrauding insurance companies of approximately $130,000.
Acting Insurance Fraud Prosecutor Ronald Chillemi said in a press release that a Porsche could be sold in China for more than three times the cost in the United States.

Shore’s sentencing date is set for December 5th where the recommended conviction will see him serve seven years in prison as well as pay close to $70,000 in restitution, the Attorney General’s Office said.