N.Y. Broker Arrested for Fraud

June 28, 2000

Insurance broker John J. Cacchioli, 52, of Wantagh, Long Island, was arrested on various charges of misrepresenting policies and defrauding 16 insurers of earned premium in excess of $1 million.

Cacchioli is alleged to have misrepresented policies he placed for a car rental agency. Acting along with owners of two car rental agencies, Cacchioli set up bogus corporations and registered the rental cars as though they were being driven by employees of those fake companies. This allowed the owners of the car rental agency to secure lower premiums on vehicles used in the car rental fleet.

Cacchioli was charged with second degree insurance fraud, third degree insurance fraud, falsifying business records and scheming to defraud. If convicted, he faces up to 30 years in prison. The owners of the car rental agency were previously arrested on similar charges. The arrest is the result of a joint investigation by the New York Insurance Department’s Frauds Bureau and the Nassau County District Attorney’s Office.

Was this article valuable?

Here are more articles you may enjoy.