North Carolina Insurance Commissioner Mike Causey today announced the arrest of Luis Carlos Castano, 41, of 3908 Lake Meadow Drive, Jamestown. Castano was charged with felony insurance fraud, felony obtaining property by false pretense, and misdemeanor making a false report to a police station.
Special agents with the Department of Insurance’s Criminal Investigations Division accuse Castano of falsely telling State Farm Automobile Insurance Co. that his 2005 Honda was stolen from 412 E. Hill St., Graham, when he had actually hidden the vehicle at 4426 N. Old 52 Road, Pinnacle.
According to the arrest warrant, Castano was given a rental car, costing $699.61, as a result of the claim. He also made a false stolen vehicle report to Graham police, the warrant says.
The offenses occurred between March 15, 2017, and Aug. 8, 2018. High Point police arrested Castano on Aug. 24 in Guilford County. He was released on a written promise to appear in court.
Insurance fraud costs American consumers approximately $80 billion dollars a year. According to Commissioner Causey, fraud costs North Carolinians between 15 and 20 cents of every dollar paid on insurance premiums — and it’s getting worse.
“I am determined to stem the tide of insurance fraud in this state in order to save residents money,” said Commissioner Causey. “That’s why I am dedicated to the mission of our NCDOI law enforcement officers who investigate and prosecute claims of insurance and bail bonding fraud.”
To report suspected fraud, contact the N.C. Department of Insurance Criminal Investigations Division at 919-807-6840. Callers may remain anonymous. Information is also available at www.ncdoi.gov/fraud-control.