Vestal Man Indicted for Diamond Insurance Fraud

A Vestal man is accused of bilking the insurance company out of tens of thousands of dollars for a missing rock.

56-year-old Michael Pinco has been indicted by a grand jury on felony insurance fraud charges.

He’s accused of claiming a diamond ring went missing and filed a claim with State Farm Insurance in September 2016.  He was arrested a month later following an investigation by the New York State Department of Financial Services Criminal Investigations Unit.

Pinco is accused of getting money from the insurance company between September and December of 2016 for allegedly faking the disappearance of the bauble.

Pinco reportedly received a check for over $28,000 from the insurance company for his claimed loss.