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A restoration contractor company owner has been arrested over an alleged assignment of benefits (AOB) fraud scheme that impacted 19 homeowners in eight Florida counties and one Texas county, according to a statement from Florida Chief Financial Officer (CFO) Jimmy Patronis.

Timothy Matthew Cox, owner of Nationwide Catastrophe Services, Inc. and Restoration Response Services, Inc., is alleged to have stolen nearly $140,000 for home repairs related to damages from tropical weather events that he never provided. As a result of Cox’s alleged activity, the victims’ homes sustained additional damage from significant weather events, including Hurricane Irma, the statement said.

The Florida Bureau of Insurance Fraud, a division of the Florida Department of Financial Services, found that Cox and his team targeted Brevard, Clay, Escambia, Flagler, Orange, Osceola, Seminole and Volusia Counties and Tarrant County, Texas.

These areas were impacted by tropical storms and hurricanes, and according to DFS, Cox is alleged to have pressured homeowners to sign an AOB contract to have damages repaired. Cox received $139,444.97 from the 19 victims and their insurance carriers.

After receiving the insurance payments, Cox’s team never started any of the work they were contracted to perform on the 19 homes, according to the statement. The payments made to Nationwide Catastrophe Services, Inc. and Restoration Response Services, Inc. were deposited into bank accounts controlled by Cox, who used the money for personal use, DFS said

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/06/13/491931.htm

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