Chad Matt Schmidt, 33, of Walnut Creek, surrendered to authorities on June 13, and was booked into the Placer County Jail on five counts of insurance fraud. If convicted, Schmidt could face up to five years in prison and/or a maximum fine of $50,000. The Placer County District Attorney’s Office is prosecuting the case.
According to California Department of Insurance (CDI) investigators, on March 26, 2003, Schmidt’s 1997 BMW was reportedly hit while parked in San Francisco, causing damage to the left front fender area. Schmidt was not insured at the time. On March 28, the BMW was repossessed and the vehicle condition report reflected that damage. Later that same day, Schmidt allegedlly purchased insurance online with Esurance. On April 2, Schmidt reported that the BMW had been involved in a hit and run, but supposedly said that the accident had occurred earlier that day. He allegedly made these statements to both the claims adjuster and the investigator. Schmidt confessed after investigators confronted him with evidence showing the accident happened on March 26.
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