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Tim Fargo is an American author, keynote speaker, angel investor and entrepreneur. He is the author of Alphabet Success and Claimants and Lies and Videotape - A Claim's Handler's Guide to Surveillance. Fargo is best known for co-founding insurance fraud investigative company, Omega Insurance Service in 1996, that became the second biggest insurance fraud investigative company in the United States, [1] [2] acquired by First Advantage in 2003 for $20 million. [3] [4] [5] He currently serves as the President of Hammerfest Corp and writes for The Los Angeles Times, St. Petersburg Times, Business Insurance, Claims Journal and Claims magazine [6] on the insurance sector.
Fargo earned an MBA in finance from the University of Miami School of Business. He started an event management company, Fargo Events in late 1980's. [7] [8] In 1996 Fargo with his partner co-founded Omega Insurance Services company from his home. [3] The company has grown from three operation to over 300 employees within five years became the second biggest insurance fraud investigative company in the United States. [9] Omega Insurance service was listed in Inc. magazine's Top 500 Fastest Growing Companies during 2002 and 2003. In 2003, Omega insurance services was acquired by First Advantage Corporation for $20 million [3] and rebranded it to First Advantage Investigative Services, in which Fargo served as President for one year. [10] He has spoken on investigative techniques and acted as a moderator at insurance conferences in 2001. He is an adviser and investor in the insurance start-ups and early-stage companies. In 2015, Tim launched a new start up called Tweet Jukebox, a Twitter application and service designed to assist with scheduling tweets which has garnered attention from Forbes, [11] Inc [12] and Social Media Examiner. [13]
Fargo has authored two books, the first book Alphabet Success was published in 2013 distilled the lessons of his journey from bankruptcy in 1991 to the founding and growth of Omega Insurance Services. The book focus on the key aspects of his past that drove him and the business towards the goals. Fargo's second book Claimants. Lies and Videotape - A Claim's Handler's Guide to Surveillance, was focused on the proper use of examination and techniques in detecting and documenting insurance fraud.
MCI, Inc. was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States, after AT&T. WorldCom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed for bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets. In January 2006, the company, by then renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business.
State Farm Insurance is a group of mutual insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. Founded in 1922, it is the largest property, casualty, and auto insurance provider in the United States.
Chubb Limited is an American-Swiss company incorporated in Zürich, and listed on the New York Stock Exchange (NYSE) where it is a component of the S&P 500. Chubb is a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance.
Insurance fraud is any act committed to defraud an insurance process. It occurs when a claimant attempts to obtain some benefit or advantage they are not entitled to, or when an insurer knowingly denies some benefit that is due. According to the United States Federal Bureau of Investigation, the most common schemes include premium diversion, fee churning, asset diversion, and workers compensation fraud. Perpetrators in the schemes can be insurance company employees or claimants. False insurance claims are insurance claims filed with the fraudulent intention towards an insurance provider.
Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.
UnitedHealth Group Incorporated is an American multinational health insurance and services company based in Minnetonka, Minnesota. Selling insurance products under UnitedHealthcare, and health care services and care delivery aided by technology and data under Optum, it is the world's eleventh-largest company by revenue and the largest health care company by revenue.
An insurance investigator examines insurance claims that are suspicious or otherwise in doubt. Investigators in this field have differing specialties and backgrounds. Some insurance companies have their own in-house investigation teams while other companies sub-contract the work to private investigators or private investigation firms. Although such investigations are usually conducted to combat fraud, very often investigators will be working simply to establish the circumstances of a particular claim.
The Texas Department of Insurance (TDI) regulates insurers and other companies that conduct insurance business in Texas, and assists Texas-based insurance consumers. TDI was founded in 1876 as the Department of Insurance, Statistics and History.
The Accident Group was a Manchester-based personal injury claims management company that went into administration in May 2003. The firm gained notoriety for firing 2,400 workers by text message, which, according to BBC reports, led to the firm's offices being emptied of computer equipment by disgruntled staff. The business was placed in to administration the day before staff were due their monthly salaries.
Matthew Bevan "Matt" Cox is an American former mortgage broker and admitted mortgage fraudster. Cox, also a true crime author, wrote an unpublished manuscript entitled The Associates in which the main character traveled the country to perpetrate a mortgage fraud scheme similar to the one Cox ran.
The California Department of Insurance (CDI), established in 1868, is the agency charged with overseeing insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in California. The CDI has authority over how the insurance industry conducts business within California, and licenses and regulates the rates and practices of insurance companies, agents, and brokers in the state.
Founded by Bruce Basso, Fred de Grosz and Doug Alburger, ABD Insurance & Financial, Inc. was a large Northern California-based insurance and financial services broker. ABD was headquartered in Redwood City, California.
Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important financial institution according to the Financial Stability Board, and is considered one of the "Big Four Banks" in the United States, alongside JPMorgan Chase, Bank of America, and Citigroup.
Concentrix Corporation is an American multinational business process outsourcing company headquartered in Newark, California. It was a subsidiary of SYNNEX Corporation since 2006 and went public as an independent company on December 1, 2020. Concentrix made its debut on the Fortune 500 list in 2024, ranking #499.
Elevance Health, Inc. is an American health insurance provider. Prior to June 2022, Elevance Health was named Anthem, Inc. The company's services include medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies such as Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. As of 2022, the company had 46.8 million members within its affiliated companies' health plans.
Daniel Mark Porush is an American businessman, former stock broker and convicted criminal who helped run a pump and dump stock fraud scheme in the 1990s at the Stratton Oakmont brokerage in collaboration with Jordan Belfort. In 1999, he was convicted of securities fraud and money laundering, for which he served 39 months in prison. After prison, Porush became involved with a Florida-based medical supply company, Med-Care, which was the subject of federal investigations. In the biographical 2013 film The Wolf of Wall Street, which focuses on the story of Belfort and Stratton Oakmont, Jonah Hill portrays Donnie Azoff, a character loosely based on Porush. Porush has called the portrayal inaccurate and threatened to sue the filmmakers to prevent him from being depicted.
Unemployment insurance in the United States, colloquially referred to as unemployment benefits, refers to social insurance programs which replace a portion of wages for individuals during unemployment. The first unemployment insurance program in the U.S. was created in Wisconsin in 1932, and the federal Social Security Act of 1935 created programs nationwide that are administered by state governments. The constitutionality of the program was upheld by the Supreme Court in 1937.
The Wells Fargo cross-selling scandal was caused by creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent or knowledge due to aggressive internal sales goals at Wells Fargo. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018. The creation of these fake accounts continues to have legal, financial, and reputational ramifications for Wells Fargo and former bank executives as recently as September 2023.
Thompson & Clark Investigations Ltd, known as Thompson and Clark or TCIL is a New Zealand private investigation agency founded in 2003 by principals Nicolas Guy 'Nick' Thompson and Gavin Shane Clark. The company has been involved in repeated scandals over spying on environmentalist and activist groups, often on behalf of government agencies and state-owned enterprises. In December 2018 after a scandal involving spying for government agencies the company was removed as a preferred supplier by the New Zealand Government.
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