A carpentry contractor was arrested for allegedly concealing payroll resulting in underpayment of thousands of dollars in workers’ compensation premium to New York State Insurance Fund according to NYSIF Chief Deputy Executive Director Francine James.
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A joint investigation by NYSIF’s Division of Confidential Investigations, the New York State Insurance Department Frauds Bureau and the Suffolk County District Attorney’s Insurance Crimes Bureau led to the arrest of the individual. Authorities said NYSIF auditors found the man allegedly failed to disclose more than half a million dollars in receipts for carpentry work, resulting in an underpayment to NYSIF of $76,677 in premium for workers’ comp insurance.
Investigators said that during NYSIF’s audit, the suspect was found to have allegedly failed to disclose approximately $650,000 in payments he received for cabinet and framing work from another contractor between 2006 and 2008, and allegedly underreported his business payroll to NYSIF to obtain a lower premium for insurance.
He faces felony charges of fraudulent insurance practices in violation of the Workers’ Compensation Law.
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