California man charged with insurance fraud in Louisiana - KPLC 7 News, Lake Charles, Louisiana

California man charged with insurance fraud in Louisiana

Terry Savoy. (Source: Attorney General's Office) Terry Savoy. (Source: Attorney General's Office)
LOUISIANA (KPLC) - A California man has been arrested and charged with selling fraudulent insurance policies throughout the state of Louisiana.

According to Attorney General James "Buddy" Caldwell, 50-year-old Terry Francis Savoy of Los Angeles sold fraudulent workers compensation and employers liability policies to several companies and contracted small health care providers to handle these companies' payrolls.

Savoy then had his victims wire money to California as payment for the policies, yet he failed to provide original insurance documents or monthly premiums, Caldwell said. Savoy instead provided a false fact sheet regarding the policy and a fraudulent bank letter of credit to his victims said Caldwell.

Savoy was arrested May 2 and extradited to New Orleans on August 15. He was arrested for outstanding warrants in Orleans, Terrebonne, Ouachita and Bossier parishes.

Savoy was booked into the Orleans Parish Prison on the following charges: five counts of theft by means of fraudulent conduct, four counts of forgery, seven counts of forgery of certificates of insurance and six counts of illegal transmission of monetary funds.

The following agencies participated in the investigation of this case: the Attorney General's Investigations Division, the Orleans Parish District Attorney's Office, the Houma Police Department, the Los Angeles County Sheriff's Department Fraud and Cyber Crimes Bureau and CNA Insurance security Fraud Division.

Anyone who purchased an insurance policy from Savoy and did not receive the actual policy or premium is asked to call 225-326-6100 or 504-471-2863.

Copyright 2014 KPLC. All rights reserved.

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