Liberty Mutual Scammed
James Sirmans Jr. just proved the old adage “desperate times calls for desperate measures,” as he recently admitted to bilking insurance companies including Liberty Mutual out of $1.8 million. Sirmans was a formerly successful businessman operatingRubicon Insurance for 24 years, but when the economic tide turned he found himself preying on the exact business that made him such a financial success in the first place.
Sirmans Jr. bilked insurers like Liberty Mutual by setting up 20 sham businesses, insuring them and then he allegedly using fraudulent bookkeeping and withdrawals to feed his own bank account. He then continued to take out more loans to feed the payments of the first batch of loans.
Liberty Mutual in Indiana is suing Sirmans Jr. to get back the money they paid him. According to legal documents, Sirmans Jr. owed Liberty Mutual $40,000 in unpaid premium payments.
Although Liberty Mutual may be viewing the activity of their policyholders a bit more scrupulously, the overall Liberty insurance rates charged for coverage should not be affected.
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