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Woman Who Managed Insurance Brokerage Sentenced For Defrauding 1,100 Customers Of $415K

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Money Photo Credit: Pixabay

The former manager of an area insurance brokerage will spend years behind bars for defrauding more than 1,100 customers.

Flushing resident Nancy Credidio, the former manager of a car insurance brokerage, was sentenced to 33 months in prison for defrauding more than 1,100 victims customers out of more than $415,000.

Specifically, Credidio pleaded guilty to conspiracy to commit wire and mail fraud.

According to U.S. Attorney Geoffrey Berman, “in order to legally drive a car in New York State, the car must be covered by an insurance policy.  From 2010 through 2017, Credidio was a manager at a Queens-based company that sold such insurance policies.  During that period, Credidio participated in various fraudulent practices.”

Berman said that Credidio made various misrepresentations that impacted more than 1,100 insurance applicants and deprived them of more than $415,000 in connection with a roadside assistance program.

Credidio duped applicants into buying the program, whereby applicants spent much more on the program than they could possibly have received in return. In some instances, Credidio also enrolled applicants in the program by signing their signature without their consent. 

In other instances, Credidio lied to applicants by falsely claiming that they were required to purchase the roadside assistance program in order to obtain car insurance. On average, each victim spent more than $300 on the roadside program and received less than $3 in return. 

To keep her scheme running, Credidio used some of the proceeds to pay cash kickbacks to car dealerships that referred her business. Berman said that Credidio’s scam also hurt insurance carriers due to her misrepresentations.

Berman noted that following her arrest, Credidio’s misconduct in the car insurance industry continued.  While released on bail, she committed more than 215 additional instances of fraud or theft, which harmed at least two employers and various insurance applicants.

“For many years, Nancy Credidio duped car insurance applicants and car insurance companies alike.  She lied to them – defrauding insurance applicants out of hundreds of thousands of dollars – to benefit herself,” Berman said. “Today’s sentence sends a clear message that those who commit such fraud will face serious consequences.”

Following her prison term, Credidio was ordered to serve three years of supervised release, forfeit $197,400 and $417,396.70 in restitution.

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