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4 Charged In $5 Million Insurance Fraud

10:05 AM, Aug 31, 2012   |    comments
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(Kinston, NC) -- Four North Carolina men have been arrested in an insurance embezzlement scheme that cost a company more than $5 million.

Discovery Insurance notified state regulators in November about discrepancies in the company's claims department.

Investigators say the men conspired to split the money. The indictments Wednesday were issued in Lenoir County.

Sixty-seven-year-old Edward Steed of Swansboro is a former employee of Discovery Insurance. Steed is charged with obtaining property by false pretense, embezzlement, larceny, corporate malfeasance and conspiracy.

Sixty-five-year-old Franklin Steed of Denton is charged with obtaining property by false pretense, embezzlement, larceny and corporate malfeasance.

Sixty-one-year-old Edward Waters of Kinston and 55-year-old Marvin Quinn of Goldsboro are charged with obtaining property by false pretense, embezzlement, larceny, corporate malfeasance and conspiracy.

It was not clear if the men have lawyers.

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