Rhode Island Grand Jury Indicts Former Beacon Mutual CEO

October 8, 2010

A Grand Jury has indicted the former head of Rhode Island’s dominant workers’ compensation insurer, charging him with stealing from Beacon Mutual Insurance Co.

Attorney General Patrick Lynch said that Joseph Solomon faces one count of larceny over $500 and one count of obtaining money under false pretenses over $500.

Solomon was chief executive of Beacon Mutual in 2003 when he allegedly charged more than $8,500 in personal expenses to the company. The money paid for diamond jewelry and installation of an audio-video system at his house that was under construction.

Solomon, who was fired in April 2006, said his indictment on larceny charges is unjustified.

Joseph Solomon said in a statement that his indictment on charges that he stole from Beacon Mutual Insurance Co. is “politically motivated.”

He said the indictment is “a desperate attempt to cover up Gov. (Don) Carcieri’s inability to justify … my wrongful termination” and maintained his innocence.

Beacon Mutual is a nonprofit independent corporation created by the state to provide workers’ compensation insurance to employers.

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