A Massachusetts insurance agent was sentenced to three years probation and a fine of $40,000 Wednesday for his role in a in a plan to reduce workers’ comp insurance premiums for a rubbish collection company owned by a favored customer. Michael H. Bonacorso Jr., 51, of Lynn, Mass., was charged in December 1997 with conspiracy, mail fraud and wire fraud. He pleaded guilty to those charges in December of 1999. Bonacorso was reportedly assisting rubbish collection company owner David Vining in avoiding workers’ comp premiums by using shell corporations to evade surcharges based on Vining’s prior business accident history. Those accidents had a reported loss to insurance companies of between $120,000 and $200,000.
Topics Fraud Agencies Massachusetts
Was this article valuable?
Here are more articles you may enjoy.
Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023 
US P/C Insurers Post Best Q1 Underwriting Result In 17 Years 
Home Insurance at $10,000 a Year Shows California Buyers’ Pain 
As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis: Survey 
