Scarsdale Insurance Firm Head Gets Jail Time For Insurance Fraud

SCARSDALE, N.Y. -- A Scarsdale insurance agency owner and a Peekskill insurance agent were sentenced to prison for their involvement in a life insurance fraud scheme, according to the Westchester County Business Journal.

A Scarsdale insurance agency owner and a Peekskill insurance agent were both sentenced to prison for fraud.
Photo Credit: *Wikimedia Commons*

Joe Jenkins

07/31/2014 3:00 p.m.

Michael Binday, 50, the owner of R. Binday Plans and Concepts Ltd. in Scarsdale received 12 years in prison and forced to forfeit $13.52 million in money gained from the elaborate scheme. James K. Kergil, 59, the Peekskill agent got a nine-year sentence and has to surrender $15.62 million, the Journal reported.

The two men were involved with another agent based in Orlando, Fla. They recruited elderly clients as the straw buyers to apply for life insurance policies, promising them payment if the policies were issued and then resold.

Click here to read the full article.

Click here to follow Daily Voice Scarsdale and receive free news updates.