According to the release, the two men overcharged Valley Baptist on two surplus policies that were purchased from Zurich in New York and altered the documents to misrepresent the premium owed by the hospital, enabling the men to make a 100 percent profit on the sale of the two policies on top of their standard 10 percent commission, for a profit of more than $2 million.
Mr. Carter and Mr. Swetnam are also charged with selling the hospital two non-existent policies for hurricane coverage from 2006-2008. The two men made approximately $2 million off of the sale of these fraudulent policies, according to the release.
Mr. Carter and Mr. Swetnam face a maximum penalty of 20 years in prison and a $250,000 fine for mail and wire fraud and a maximum term of five years’ imprisonment and $250,000 fine for conspiracy, if convicted.
Read the DOJ’s release about the Texas insurance fraud scheme.
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