TALLAHASSEE, Fla. -- A South Florida man is accused of taking loans and life insurance policies out in the name of a Tallahassee man.
The incident began in 2008, according to the arrest report. The suspect, 60-year-old Richard M. Incandela, told him about an investment opportunity called "Endowment to the 21st Century." In this investment scene, the victim was told that, with no financial risk at all, he could get a life insurance policy. When he died, a portion of that insurance money would go to Summit Christian School in West Palm Beach.
Detectives say Incandela gained the victim's trust, and was able to get confidential information from the victim. The victim even agreed to get a physical and give blood and urine samples in order to participate in the program.
A detective with Florida's Insurance Fraud Division says Incandela is not licensed to perform any insurance activities, and Summit Christian School will never benefit from the illegal investment scheme.
However, Incandela reportedly used the information in a similar but unrequested manner; detectives say he took out a $5 million life insurance policy on the victim. The victim had not agreed to the multi-million dollar policy from Lincolcn Financial Group, and Incadela reportedly forged his signature and used false information to get it.
Incandela also took out a $282,050 loan in the victim's name through the Bank of Delaware, according to detectives. With fees and premiums, the total amount owed was more than $300,000.
Incandela faces more than eight charges related to the incident, and according to his arrest report, he is an out of state fugitive for a robbery in South Carolina.