MINNEAPOLIS - A St. Paul man is charged with falsely reporting his art stolen in an attempt to collect more than a quarter-million dollars in insurance money.
Federal prosecutors on Monday charged Jason William Sheedy with one count of wire fraud in connection with the alleged art scam.
A criminal complain says between September of 2007 and May of 2011, Sheedy devised a scheme to obtain money from the AXA Art Insurance Corporation ("AXA"). AXA is an insurance company that insures artwork and items of historical value.
In September of 2007 Sheedy insured several works of art and items of historical value with AXA. On September 27, 2007, he filed an insurance claim for $274,905, claiming that some of those works of art and historical items had been stolen from a moving van. AXA mailed Sheedy a check for $254,832 in January of 2008 to settle the claim.
The case was not finished. Investigators learned the in Mayof 2011 Sheedy allegedly listed six of the paintings previously reported stolen on Artbrokerage.com, an internet website for a Nevada auction house and gallery.
If convicted, Sheedy faces a potential maximum penalty of 20 years in prison.
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