Jeffrey Brian Cohen, the owner of a Sparks-based insurance company, is a well-known fraudster whose story was featured on CNBC's "American Greed."
He admitted to defrauding his customers of millions of dollars in premiums and was sentenced to 37 years in prison and ordered to pay $137 million by a federal judge.
Jeffrey of Reisterstown pleaded guilty to wire fraud, aggravated identity theft, providing false statements to an insurance regulator, and obstruction of justice in June of 2015. Prosecutors also accused him of plotting to murder two people, which he denied at his self-defense trial in June 2015. For years, he defrauded his insurance company's clients and realtors.
Furthermore, his case has received widespread media attention for such a massive deception, with him being labeled "American Greed."
The Investigation of Insurance Fraud Charges in the United States
Indemnity Insurance Corp, a Spark-based insurance firm, has taken in more than $100 million in premiums from more than 5,000 customers, according to Jeffrey Cohen, the company's owner.
The consumers who paid the premiums, on the other hand, did not have the insurance coverage they thought they did. Cohen had been stealing millions of dollars in premiums from his customers.
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Cohen was a chronic artist who defrauded clients by falsifying wire transfers, bank statements, and letters of credit for more than 5 years, from 2008 to 2013.
They did this to give the impression to financial rating and auditing firms that their firm could cover more potential insurance payouts than it actually could.
Cohen was charged with 31 counts of fraud in court, which he initially denied.
What happened to Jeffrey Cohen?
Jeffrey Cohen is currently incarcerated in a Baltimore prison, serving a 37-year sentence. Cohen is currently under the watchful eye of the law, even though the specific facts of his whereabouts are still being investigated.
While he initially declined everything, he later agreed to a plea deal and was sentenced to 37 years in jail with a $137 million restitution order to his victims.
Who is Jeffrey Cohen's Wife?
Jeffrey Cohen has made an effort to keep his personal information and those around him out of the public eye. Because the American Greed needs to start filming his case, he has requested federal prosecutors to keep his personal information private.
Jeffrey Cohen's Net Worth
Cohen is currently doing time in prison for his fraud, and his net worth is unknown. He used to earn $96,000 per month at the height of his career.
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He has been accused of amassing assets such as a waterfront home in Florida, three homes in Maryland, and automobiles such as an Aston Martin owned by his company and a Lexus SUV with the vanity plate "RISKTKR."