A St. Paul, Minn., man has been sentenced for filing a false insurance claim for artwork he had reported as stolen.
Thirty-nine-year-old Jason Sheedy was sentenced in federal court to three years’ probation on one count of wire fraud.
Sheedy also must pay $352,000 in restitution and serve 500 hours of community service.
In his plea agreement, Scheedy admitted coming up with a scheme to defraud AXA Art Insurance Corp. The insurance company insures artwork and other items of historic value.
Prosecutors say Sheedy filed a nearly $275,000 insurance claim over art and other valuables he reported as stolen in 2007. He collected $254,000 from AXA.
But the insurer later documented that some of the works Sheedy listed for sale on Artbrokerage.com were the same ones it had insured.
Was this article valuable?
Here are more articles you may enjoy.
NYC Mayor Eyes City-Run Insurance Program for Affordable Housing 
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
Carnival Cruise Passenger Served 14 Shots Awarded $300,000 After Fall Down Stairs 
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
