CDI Investigation Leads to Empty Coffin
Monday, May 21st, 2001 Fraud Life & HealthThe Criminal Investigations Branch Investigators of the California Department of Insurance (CDI) announced a successful conclusion to a complicated investigation. Two individuals involved in a life insurance scam pleaded guilty. Raul Eduardo Pero, a.k.a. Paul Terry Reed, 58, plead guilty to 14 counts of felony insurance fraud. His daughter, Liza Monique Pero, 25, pled guilty to 10 counts of felony insurance fraud. They will be sentenced June 28. A third suspect, Gloria Alcaraz, has requested a preliminary hearing. CDI Fraud Investigators discovered that from Jan. 9, 1995 to March 1, 1997, Raul Pero obtained life insurance policies from seven different companies totaling $3,150,000. Pero did not accept a policy through First Colony Life for $700,000 and canceled a policy issued by Zurich Kemper Life valued at $500,000.
