Hunter
12/17/19
A Boston Massachusetts man who tried to cash in on multiple life insurance policies for his previously deceased brother has been apprehended and charged.
The Iowa Insurance Division reports that Ming Xun Zheng filed a claim against a term life insurance policy issued by an Iowa-based insurer. He was seeking a one-million-dollar payout as a result of the death of his brother. The insurer notified the Iowa Insurance Division’s Fraud Bureau, who contacted the FBI.
An investigation into the matter found that Zheng’s brother had previously died, and he was posing as his dead brother to apply for over $11.5 million in life insurance policies. He was able to take out over twenty policies exceeding $5 million. Three policies were taken out by Iowa-based insurers, and their combined benefits were $2 million.
Zheng reportedly falsified records changing the date of death of his brother, and opened bank accounts, got a private mailbox and renewed a driver’s license, all in his brother’s name. The investigation alleges that Zheng avoided any personal contact with agents during the underwriting of the policies to avoid exposing his scheme.
He’s been charged with federal counts of Mail Fraud and Wire Fraud. Both counts are punishable by fines and imprisonment of up to 20 years.