For Immediate Release: April 25, 2011

Waxhaw Man Arrested, Charged with Insurance Fraud

RALEIGH -- Insurance Commissioner Wayne Goodwin today announced the arrest of Derrick Dwayne Hood, 21, of 409 S. Jackson St., Waxhaw; he is charged with one count each of insurance fraud and obtaining property by false pretenses.

Department of Insurance criminal investigators allege that Hood falsely reported his vehicle stolen in June 2010, and that, as a result, N.C. Farm Bureau paid Hood and the lien holder on the vehicle a total of $9,185.00.

With the assistance of the Union County Sheriff's Office and the North Carolina Department of Motor Vehicles, Hood was arrested on April 20 and released on a written promise to appear.

The Department of Insurance employs 20 sworn law enforcement officers dedicated to investigating claims of insurance fraud. In 2010, these criminal investigators successfully closed 402 cases and made 126 arrests, leading to 88 criminal convictions. These resulted in more than $21.1 million in restitution and recoveries-more than double the dollar amount from the previous year and a record for NCDOI.

An estimated 10 cents of every dollar paid in premiums goes toward the payment of fraudulent claims. To report suspected fraud, contact the Department of Insurance Criminal Investigations Division at 919-807-6840. Callers may remain anonymous. Information is also available at www.ncdoi.com.

--NCDOI--