A Somers, Conn. man has pleaded guilty to defrauding The Hartford Insurance Company of nearly $900,000 during a renovation project.
Federal prosecutors say 42-year-old Todd Olynciw entered the plea Wednesday in U.S. District Court in Bridgeport and had been charged with mail fraud and tax evasion.
He had been employed as a project manager by The Hartford and was responsible for overseeing office renovations.
Olynciw admitted that he received about $400,000 in illegal kickbacks for steering some of the work and transferring furniture to two individuals and six entities from 1998 through July 2005. Authorities say he failed to report the kickbacks on his personal income tax returns. The company lost $876,437 as a result of the scheme, prosecutors say.
Olynciw faces up to 25 years in prison when he is sentenced March 24.
Was this article valuable?
Here are more articles you may enjoy.
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
‘Structural Shift’ Occurring in California Surplus Lines 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
