Local News

Cary subcontractor accused of insurance fraud

Posted November 4, 2010 5:42 p.m. EDT

— A Cary subcontractor is accused of insurance fraud, Insurance Commissioner Wayne Goodwin said Thursday.

Richard David Stone, 44, of 110 Bancroft Brook Drive, has been charged with one count of obtaining property by false pretenses with a value of more than $100,000.

Department of Insurance criminal investigators say Stone submitted a fraudulent certificate of insurance to O.L. Thompson Construction Co. to obtain employment as a subcontractor.

They allege Stone was not entitled to $113,832 he was paid by the company between February and April, because he did not have the insurance coverage required for him to be legally employed.

Stone was arrested in Wake County on Thursday and placed under a $25,000 secured bond.