Workers’ Comp Fund Recovers $6.5 M
Phoenix Fund Inc was ordered into rehabilitation in October 2006 after being a victim of a $20 million reinsurance scheme. The broker responsible for the fraudulent scheme pleaded guilty in 2008 to mail fraud and money laundering. He was sentenced to 70 months in prison.
Since being put into rehabilitation, Phoenix Fund has recovered nearly $18 million. $6.5 million of that will go back to 661 former members of the fund. Employers who were members of the fund on October 17, 2006 will receive distribution checks to reimburse them for their false workers' compensation insurance.
If you need help obtaining workers' compensation, contact the Raleigh workers' compensation lawyers of Scudder & Hedrick, PLLC at 919-851-3311.