MN Man Files False Insurance Claim for “Stolen” ArtInsurance Fraud — By Trace America on August 9, 2012 at 2:07 PM
Back in December we brought you the story of Jason Sheedy, who reported numerous art pieces as stolen, when in reality he had simply either sold them, used them as collateral to obtain loans, or still had them.
According to a press release from the Minnesota state attorney’s office, Sheedy was in federal court on August 6th, where the 39-year-old was charged with filing a false insurance claim for $250,000. He was also charged via an Information with one count of wire fraud.
The documentation notes that between September of 2007 and May of 2011 Sheedy concocted a scheme to fraudulently obtain money from the AXA Art Insurance Corporation (AXA), which was an insurance company that insured artwork and items of historical value. In September of 2007, Sheedy insured several works of art and other items with AXA. Then, on September 27th, he filed an insurance claim for $274,905, stating that some of those pieces had been stolen right off a moving van. In response to the claim, AXA mailed Sheedy a check on January 28, 2008 for $254,832. Sometime later, on May 24, 2011, Sheedy supposedly listed six of the paintings that he had previously reported stolen on Artbrokerage.com, which is the website for a Nevada auction house and art gallery.
If he’s convicted, Sheedy could face up to 20 years in prison.
The defendant, of course, is presumed innocent until proven guilty.
This post is authored by Trace America.