Glenn R. Fischer, 69, of Ellicott City, Maryland, has been indicted on federal charges tied to a $3 million insurance fraud scheme that spanned five years. Prosecutors allege Fischer, a former partner at TriArc Financial Services, Inc., orchestrated a complex scam targeting businesses seeking Residual Value Insurance (RVI), a product meant to protect auto leasing companies from market losses on returned vehicles. Instead of securing real coverage, Fischer allegedly pocketed premiums and forged documents to keep the fraud alive.
The five-count indictment, returned September 22, 2016, and unsealed today, charges Fischer with four counts of wire fraud and one count of aggravated identity theft. According to court documents, Fischer created a Nevada shell company, TriArc Marketing Solutions, in summer 2009—after the RVI market had collapsed—and used it to siphon millions from unsuspecting victims. He opened bank accounts under the fake entity and disguised his actions as business conducted through the legitimate TriArc Services, all while concealing the operation from his own partners.
From 2009 to 2014, Fischer allegedly sent falsified insurance declarations, invoices, and vehicle lists to victim companies, making it appear they had active RVI policies. He went further by stealing the identity of an employee from a major multinational property and casualty insurer, using the man’s name, title, and forged signature on fake policy documents. The indictment states the employee and the insurer were completely unaware Fischer was impersonating them to lend credibility to the fraudulent scheme.
Millions in premiums collected from victims were funneled into TriArc Marketing Solutions’ bank accounts. Fischer and his relatives then used the illicit funds for personal expenses, according to the indictment. The government is now seeking forfeiture of all proceeds tied to the fraud: a $3 million money judgment, six bank accounts, a collection of coins and precious metals, a Nitro Z-8 boating vessel, and two vehicles.
If convicted, Fischer faces up to 20 years in prison on each wire fraud count and a mandatory consecutive two-year sentence for aggravated identity theft. The charges were announced by U.S. Attorney Rod J. Rosenstein and FBI Special Agent in Charge Gordon B. Johnson, Baltimore Field Office, who called the alleged fraud a brazen abuse of trust in the financial services industry.
An indictment is not a conviction. Glenn R. Fischer is presumed innocent until proven guilty in a court of law. Federal authorities continue their investigation, and further charges may follow as assets are traced and victims identified.
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Key Facts
- State: Maryland
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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