Scheduling
Time & Attendance
Forecasting
Employee App
Payroll Integrations
Communications
Archive
By Staff Report
Aug. 12, 2009
Checks totaling $6.5 million have been mailed to hundreds of former members of Phoenix Fund Inc., a self-insured group workers’ compensation fund, who were victims of reinsurance fraud, the North Carolina Department of Insurance said.
Insurance Commissioner Wayne Goodwin said Monday, August 10, that the $6.5 million has been distributed to 661 former members of the San Antonio-based workers’ comp fund.
Phoenix Fund has been under rehabilitation since October 2006, the result of the North Carolina Insurance Department uncovering a $20 million scheme that left several insurance entities, including the Phoenix Fund, without reinsurance.
The state agency said it has recovered nearly $18 million for the Phoenix Fund from Thomas G. Reitz, whom the department described as the “purported insurance broker” for Phoenix Fund.
Reitz pleaded guilty in 2007 to charges of mail fraud and money laundering. In 2008, he was sentenced to 70 months in prison and ordered to pay more than $19 million in restitution to the Phoenix Fund.
Distribution checks were mailed to members participating in the Phoenix Fund as of October 17, 2006, according to the North Carolina agency.
Filed by Jeff Casale of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.
Stay informed and connected. Get human resources news and HR features via Workforce Management’s Twitter feed or RSS feeds for mobile devices and news readers
Come see what we’re building in the world of predictive employee scheduling, superior labor insights and next-gen employee apps. We’re on a mission to automate workforce management for hourly employees and bring productivity, optimization and engagement to the frontline.
Staffing Management
Managing employee time-off requests: A guide for business ownersSummary Vacation, sick time, PTO banks, and unpaid leave are only a few forms of employee time off — Mo...
Technology
Labor analytics: A how-to guide for company leadershipMake sure to start small, clean your data, use data from a variety of sources and use desired business ...
data analytics, employee data, HR Tech, people analytics, talent management
Technology
Why tattleware isn’t the solution for underperforming teamsIf your employees can take their smartphones out of their pockets to circumvent your efforts, how can y...
employee monitoring, HR technology, tattleware