Glenn R. Fischer, Wire Fraud and Aggravated Identity Theft, Maryland 2017

A 70-year-old Ellicott City man has pleaded guilty to federal charges in a $4.4 million insurance fraud scheme, authorities announced Tuesday.

Baltimore, Maryland – Glenn R. Fischer, age 70, of Ellicott City, Maryland, pleaded guilty on March 21, 2017, to wire fraud and aggravated identity theft arising from a scheme to defraud businesses seeking insurance. 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.

The scheme, which unfolded from 2002 to about 2014, saw Fischer use his position as a partner at TriArc Financial Services, Inc., to persuade victim businesses to purchase residual value insurance (RVI) coverage, which he knew did not exist.

According to court documents, Fischer created a Nevada corporation called TriArc Marketing Solutions and opened bank accounts for the company, using the identity of an employee of a multinational property and casualty insurance company to further the fraud.

Fischer collected more than $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.

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 in RVI insurance premiums.

Glenn R. Fischer faces federal charges for his role in the scheme, which resulted in losses for the victims who thought they were insured. The guilty plea was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Gordon B. Johnson of the Federal Bureau of Investigation, Baltimore Field Office.

Fischer also admitted that he failed to report a significant portion of the money he obtained from the fraud on his annual tax returns for the 2009 through 2014 calendar years. The total income Fischer received but did not report to the IRS for these tax years exceeded $3.3 million, which generated a substantial tax loss to the United States.

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