A Maryland man currently incarcerated in New Jersey has pleaded guilty to stealing insurance monies.
Richard Farber, 32, admitted that he stole more than $2,000 in 2003 by breaking the requirements on an insurance policy following a burglary at his house. In his claim to Philadelphia Contributionship Insurance Company, he stated that his 42-inch plasma television, digital camera, camcorder, notebook computer, and scanner had been stolen. He supported his claim with receipts from a national appliance store. In response, Contributionship Insurance promised Farber $2,069 in holdback money, which he would receive once he replaced the plasma TV.
An investigation by New Jersey's Office of Insurance Fraud, however, determined that once Farber purchased the television and received the money from his insurance company, he returned it to the store he purchased it from, which was a direct violation of his policy's requirements.
Farber was ordered to serve four years in state prison and to pay more than $5,000 in fines and restitution after pleading guilty to the charges of theft by deception.
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