For Immediate Release: July 25, 2013
Concord Man Arrested for Allegedly Writing Fraudulent Insurance Policies
RALEIGH -- Insurance Commissioner Wayne Goodwin today announced the arrest of David Alan Price, 51, of 3170 Patrick Henry Drive, Concord; he was charged with one count of obtaining property by false pretense.
Department of Insurance criminal investigators allege that Price, a former insurance agent for Colonial Insurance, fraudulently obtained $2,196 in advance commissions for writing life insurance policies in November and December 2012. Price is accused of fabricating a company and filing 40 fraudulent applications for life insurance by listing himself, family members and friends as employees.
Price was arrested on July 24, processed by the Cabarrus County Sheriff’s Office and released on a written promise to appear in court on Aug. 30.
The Department of Insurance employs 20 sworn state law enforcement officers dedicated to investigating and prosecuting claims of insurance and bail bonding fraud. Since Insurance Commissioner Wayne Goodwin took office in 2009, criminal investigators have received more than 18,600 complaints, resulting in 800 arrests and 430 criminal convictions. These efforts have delivered more than $55 million in restitution and recoveries for victims.
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.