NY Biz Co-Owner Repays $100G In WC Fraud

                               New York, NY (CompNewsNetwork) - A Brooklyn business owner has pleaded guilty to workers' compensation fraud and has repaid the New York State Insurance Fund $100,000 in outstanding premium.

Peter Kovacs, 32, pleaded guilty to failing to furnish proper records to NYSIF in violation of Section 95 of the New York State Workers' Compensation Law following his arrest by detectives from the Manhattan District Attorney's Office on June 30.

Mr. Kovacs is co-owner of Horizon Fine Design, Inc., located in Brooklyn, NY. Investigators said Mr. Kovacs underreported payroll from 2005 to 2007 to avoid paying NYSIF the correct premium for the design firm's workers' compensation insurance policy. His corporation entered a guilty plea to a charge of filing a false instrument.

The arrest followed a joint investigation by NYSIF's Division of Confidential Investigations, the New York State Insurance Department Frauds Bureau and the Office of Manhattan District Attorney Cyrus R. Vance.

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