By Christina Bramlet Property Casualty 360
Following an investigation spanning two years, dozens of witness interviews, and examination of thousands of documents, a Calif. Grand Jury has indicted 22 suspects on more than 100 felony counts.
California Insurance Commissioner Dave Jones reported that the indictments were handed down by a Contra Costa County, Calif. Grand Jury on September 22, 2011 and that bail for the suspects has been collectively set at $18,650,000.
Meanwhile, investigators are still unraveling the extent of damage inflicted on the insurance industry as a direct result of the alleged fraud schemes. The current loss projection, which encompasses both tangible and potential damage amounts, ranges between $300,000 and $500,000.
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