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Insurance Fraud Casebook: Paying a Premium for Crime by Joseph T. Wells, Laura Hymes

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Everyone Gets Hurt: A Study in Workers' Compensation Fraud

MICHAEL SPUTO

A man sat at his kitchen table. Spread out before him were bond paper, a utility knife and a glue stick. The laptop, printer and cell phone were fired up. The address of a PO Box was scribbled on a sticky note. From these humble beginnings, a $100 million fraud was born.

Beverly Hills, California, was home to the rich and famous and those who seek riches and fame. Phillip Logan was different from the wannabe starlets who lunched on Rodeo Drive, wishing the paparazzi were interested in what they were doing and fantasizing about being on TMZ. Logan only cared about the riches.

A law school graduate who never passed the bar, Logan bounced around for years as an entrepreneur who could not quite seem to make it work. Eventually, Logan found his calling. Middle age and married, a family man with children who relied on him, Logan used his undergraduate business degree to set up shop as an investment banker — but not the type of investment banker you would find on Wall Street. No, Logan was the type of investment banker who specialized in the murky business of balance sheet enhancement. Logan's specialty was creating shell companies that he could use to find assets to put on the financial statements of his clients' companies for pennies on the dollar. How is it possible to pay thousands of dollars for control of millions ...

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