David Ballard Charged with $13.5 Million Insurance Fraud Scheme
CHICAGO, IL – May 24, 2024
David Ballard, 54, of Chicago, has been charged with one count of wire fraud, punishable by up to 20 years in prison, for his alleged role in a $13.5 million insurance fraud scheme.
According to federal criminal charges filed in U.S. District Court in Chicago, Ballard, who served as the vice president of an insurance underwriting group, fraudulently obtained the $13.5 million from a corporate client by issuing and collecting premium payments on ‘matching deductible’ policies that his employer had not authorized.
The charges allege that Ballard created and submitted phony estimates, invoices, binder letters, and policies to the health care company, which he then used to divert premium payments to a shell company that he controlled.
As a result of the scam, Ballard allegedly pocketed the $13.5 million, which he used to pay personal expenses, including credit card bills, expensive dinners, travel costs, and real estate for himself and his family.
The charge was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois, and Jeffrey S. Sallet, Special Agent-in-Charge of the Chicago office of the Federal Bureau of Investigation.
The public is reminded that an information is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.
If convicted, the Court must impose a reasonable sentence under federal statutes and the advisory U.S. Sentencing Guidelines.
The government is represented by Assistant U.S. Attorney Jennie Levin.
Key Facts
- State: Illinois
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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