For Immediate Release: December 13, 2016
Raleigh Man Accused of Embezzlement by a Fiduciary
RALEIGH -- Insurance Commissioner Wayne Goodwin today announced the arrest of Fabian Darrell Ryals, 48, of 8224 Hobhouse Circle, Raleigh; he is charged with two counts of embezzlement of a trust by a fiduciary.
Department of Insurance criminal investigators accuse Ryals of misapplying bond payments and converting $5950.00 for his own personal use on two separate occasions between February 2015 and September 2016. Investigators allege Ryals was a fiduciary of the bail bond trust accounts.
Ryals was arrested on Dec. 6 in Johnston County and placed under a $40,000 bond.
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 made more than 1,500 arrests, resulting in more than 750 criminal convictions with more than 250 cases currently pending court. These efforts have delivered more than $72.1 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.