Following an investigation spanning two years, dozens of witness interviews, and examination of thousands of documents, a Calif. Grand Jury has indicted 22 suspects on more than 100 felony counts. California Insurance Commissioner Dave Jones reported that the indictments were handed down by a Contra Costa County, Calif. Grand Jury on Sept. 22, 2011, noting that bail for the suspects had been collectively set at $18,650,000.
Investigators are still unravelling the extent of damage inflicted to the insurance industry as a result of the elaborate scheme, and additional suspects may be detained, pending further developments.
The current loss projection, which encompasses both tangible and potential damage amounts, ranges between $300,000 and $500,000.
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