Beware of Bond Fraud - Insurance Journal
2023年7月3日 · A recent article in Business Insurance magazine, “ Surety bond scammers sentenced to prison time,” reminds us that surety fraud is a serious crime that can have dire economic consequences for...
Surety Bond Fraud - National Association of Surety Bond …
Sureties and Bond Producers May Be Liable-for-A-Contractors False Claims Act - Two recent decisions from the United States District Court for the District of Columbia and the United States Court of Federal Claims highlight that sureties and bond producers are not immune to the potentially severe consequences of the False Claims Act (“FCA ...
Beware of Bond Fraud - orsurety.com
A recent article in Business Insurance magazine, “Surety bond scammers sentenced to prison time,” reminds us that surety fraud is a serious crime that can have dire economic consequences for sureties, principals, obligees and the public.
Surety Bond Fraud, Risks of Fraudulent Bonds | Viking Bond …
Surety bond fraud involves unauthorized surety bonds that are issued by fake surety companies, rouge bond agents, or principals themselves. They can wreak havoc on a construction project or any other situation where a surety bond is needed.
Phony Surety Bonds: How to Spot Them & Horror Stories
2018年12月5日 · Faking surety bonds has been a favorite ploy by fraudsters all over the country. Whether they’re used to sell cars without a motor vehicle dealer bond or bid for contractor work with a phony performance bond, these tricks can spell disaster for unsuspecting project owners and customers alike.
Central District of California | Westwood Man Sentenced to More …
2023年11月3日 · From September 2016 to September 2019, Watts falsely claimed to be experienced in and able to provide surety bonds and other financial guarantees for large-scale projects. Watts told victims that he would assist them in obtaining financing for their projects via his various companies, including the Sherman Oaks-based Source One Surety LLC.
Beware Phone Scammers Posing As Notary Surety Bond …
Notaries be warned: If you receive a call from someone regarding your surety bond and demanding personal information or a payment, it may be a scam. A Florida Notary was recently contacted by a scammer who tried to trick them into thinking the caller was a representative of Merchants Bonding Company.
Bond Verification Tips for Obligees - Gray Surety
While relatively rare, surety bond fraud can cost millions. Take the case of Tommy Lester Watts, who was sentenced to prison for selling over $5 million of bogus surety bonds under various fictitious names. His victims lost businesses, life savings, family properties, and reputations. The scam went on for three years before the FBI tracked ...
Confronting Surety Bond Fraud in the Construction Industry
2017年5月5日 · Learn some of the common surety bond fraud and scams and how you can avoid getting deceived by con artists by choosing a reliable surety bond company.
Surety bond scammers sentenced to prison time
2021年12月3日 · Three men were sentenced to prison terms ranging from two to six years on Thursday for their parts in a surety bond fraud where worthless “gold certificates” were used to guarantee work on...