The owner of a drywall and plastering company in Homestead, Fla. is facing charges of workers’ compensation insurance premium fraud for allegedly under-reporting payroll to avoid $140,000 in insurance premiums. According to the Florida Department of Financial Services Kraig Wayne Bryan, 32, owner of B&D Drywall Inc., surrendered on two felony counts and was booked into the Palm Beach County Jail on a $7,500 bond.
If convicted, Bryan faces up to 20 years in prison in addition to possible fines and restitution. The charges follow an investigation by the FLDFS Division of Insurance Fraud. Investigators said Bryan operated the business from his home at 1866 NW 8th Terrace in Homestead.
“Employers who evade premiums risk leaving workers without a safety net to pay for potential work-related injuries,” said Florida’s CFO Tom Gallagher, who oversees the Department of Financial Services. “Workers’ compensation fraud also drives up costs for businesses that follow the law.”
Bryan is accused of under-reporting his payroll for B&D Drywall Inc. by nearly $800,000 to two insurance companies, AmComp Assurance Corporation and Bridgefield Casualty Insurance Company. Investigators said the under-reporting occurred on 41 consecutive monthly self-audits that Bryan completed, signed and forwarded to the companies between June 1999 and December 2003.
Assistant Statewide Prosecutor Michael Rachel, with the Office of Statewide Prosecution in West Palm Beach, is handling the prosecution.
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