Hartford Insurer Earl O’Garro Charged With Insurance Fraud

HARTFORD — Federal authorities indicted once-rising Hartford word star Earl O’Garro Jr. of rascal Friday, observant that he lied to obtain $126,000 in state mercantile assistance income and embezzled some-more than $1 million some-more in word premiums from a City of Hartford and another insurer.

O’Garro, who has insisted that he is trusting and continued to live in his six-bedroom, 7-acre mini-mansion in Marlborough by months of review and foreclosures, was picked adult by FBI agents in Rocky Hill on Friday morning.

Courant Investigation: Earl O'Garro Jr.

He was presented during U.S. District Court in Hartford Friday afternoon after being indicted by a grand jury a day earlier. A sovereign justice unblocked an complaint charging him with regulating electronic communications such as email to commit fraud. He pleaded not guilty.

Until his personal and business finances began unraveling about a year and a half ago, O’Garro portrayed himself as something of a hard-driving, 30-something word expert in a city built on insurance. His Hybrid Insurance association seemed to be flourishing fast and he claimed to be collecting a income in a high six-figure range. He gathering costly cars, wore costly suits and could be found during some of a city’s pricier watering holes.

But annals publicly accessible from state word regulators uncover that, by late open 2013, Hybrid — and O’Garro — were dangerously overextended. The word annals and a complaint done open Friday advise that O’Garro was frantically perplexing to lift new income in an bid to deliver policies that were organised by Hybrid and in risk of termination due to his disaster to make reward payments.

O’Garro declined to criticism after his justice coming Friday.

Specifically, he is indicted of defrauding a state by overstating a value of Hybrid’s resources to obtain a $100,000 low-interest loan and $26,000 extend from a state Department of Economic and Community Development. O’Garro’s personal and business finances collapsed wholly before he repaid a loan. His word permit was revoked a year ago.

The complaint also accuses O’Garro of concocting an elaborate device in that he used a artificial Internet residence and 4 manikin companies to pretence a association that finances word premiums into loaning him about $691,000.

Although a supposed intrigue is not minute in a sovereign indictment, publicly accessible annals collected by state word regulators — as good as other justice annals — uncover that O’Garro hired an Internet pattern association to emanate a artificial email residence that supposed to go to an underwriter for a insurer AmTrust North America.

O’Garro is indicted of regulating a residence to write fake email that he used to convince a association that finances word premiums to lend Hybrid during slightest $691,000, purportedly to cover a cost of 4 artificial word policies.

O’Garro testified during a polite justice conference in Dec 2013 that he combined a artificial website and email criticism in an try to fraud a association out of several hundred thousand dollars. He was sued by AmTrust, that charged that O’Garro acted as one of their underwriters to secure payments from another company, Capital Premium Financing, for 4 policies that did not exist.

Finally, O’Garro is indicted of inducing a City of Hartford to send to him — rather than a word representative — about $868,000 that a city dictated to be used as reward payments on 4 metropolitan guilt policies. Prosecutors pronounced that O’Garro wasted about $670,000 — remuneration for dual of a 4 premiums.

Hartford had approved Hybrid as an central minority executive on Apr 4, 2013, giving O’Garro an advantage when competing for a city’s word business. A day later, a city invited Hybrid to bid on a 4 guilt policies.

O’Garro bid. He also emailed City Treasurer Adam Cloud, who had small to do with city word contracts, seeking for some-more city business. Cloud forwarded a ask to a city financial director:

“Please see a email next from Hybrid Insurance. The indicate of a email is that they are a approved minority executive of a City of Hartford and should get a critical demeanour …”

O’Garro got a 4 policies. Then he swayed Cloud to take a strange step of bypassing a word representative on a understanding and promulgation a reward income — all $868,000 — directly to Hybrid.

Cloud could not be reached for criticism Friday.

O’Garro was approaching to be expelled on a $500,000 bond cumulative by his mom and sister. The U.S. Attorney’s bureau pronounced in a matter that a review of events concerning O’Garro’s word business is continuing.

Jury preference is approaching to start on Jan. 21.

Copyright © 2014, Hartford Courant

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