Baltimore, Maryland – In a stunning revelation, 70-year-old Glenn R. Fischer of Ellicott City has pleaded guilty to wire fraud and aggravated identity theft for orchestrating a $4.4 million insurance fraud scheme.
Fischer, who was a partner at TriArc Financial Services, Inc., admitted to collecting exorbitant insurance premiums without remitting them to the designated insurance company. His deception cost victims millions, thinking they were insured.
The plea agreement details Fischer’s elaborate scheme from 2002 to about 2014. During this time, he was a broker for residual value insurance (RVI), which protects car leasing companies against vehicle depreciation. However, Fischer pocketed millions intended for RVI policies, using the proceeds for personal gain.
Fischer also set up TriArc Marketing Solutions (TriArc Solutions) and fraudulently posed as an authorized insurance broker for TriArc Services, a multinational property and casualty insurance company. He concealed this from his partners and sent false documents to unsuspecting businesses.
Victims paid over $4.4 million in premiums, which were funneled into bank accounts controlled by Fischer and his relatives. Additionally, Fischer failed to report more than $3.3 million on his tax returns, leading to substantial losses for the U.S. Treasury.
The DOJ has announced that Fischer will be required to forfeit all property gained from the fraud, including the $4.4 million in stolen premiums.
Related Federal Cases
- Ellicott City Man Indicted in $3M Insurance Fraud Scheme · Maryland
- Saleh Fakhoury Sentenced to 4 Years for $3M Insurance Fraud Fire Scheme · Maryland
- Fraudster Rebecca Biglow Gets 44 Months for Unemployment Insurance Scam · Maryland
- Ramon Ingram Sentenced for Baltimore Bank Fraud Scheme · Maryland
- Kelley Gets 18 Months for Night Vision Export Scheme · Maryland
Key Facts
- State: Maryland
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News