An insurance fraud ring run by Ukrainian and Russian immigrants was broken up Thursday with the arrest of 22 people involved in selling cars then allegedly reporting them stolen. In all, 37 people were indicted in the scheme the FBI said was run from Ohio but also operated in New York, New Jersey and California.
The FBI said the scheme involved four Ohio men buying other immigrants’ cars at a reduced price. After selling their cars, the immigrants would report them stolen and collect insurance payments.
The Ohio-based ringleaders then allegedly sold the cars for parts or whole on the market. The Associated Press reported that officials had confiscated 45 vehicles worth about $400,000. The charges of fraud and conspiracy carry possible 5-year prison terms and $250,000 fines.
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