Someone Stole My Rolls Royce

Read the full article at https://lnkd.in/g5Sp3sxm and see the full video at https://lnkd.in/gaxZy-YY and at https://lnkd.in/gGr5BKfn and at https://zalam.com/blog plus more than 4200 posts.

 Investing in California real estate in the 1980’s was fun. Whatever you bought you could sell for more. The doctrine: “there is always a greater fool than I,” worked.

Li Chen Hua immigrated to California from Hong Kong in 1981. He did it legally, winning a lottery for a Green Card. He came to the U.S. with his savings (converted from Hong Kong dollars to diamonds for ease of transportation).

In 2008 the bottom fell out of the California real estate market. Mr. Li, found himself owning real estate mortgaged to over $14,000,000 but worth only $9,000,000. The rents he collected were not sufficient to pay the various mortgages and allow him to continue in the life style with to which he had become accustomed. He needed to make a great deal of money fast and then, leaving his mortgagees to fend for themselves, return to Hong Kong for a pleasant retirement.

Mr. Li’s cousin was the number one luxury car dealer in all of the People’s Republic of China. She had no competition, an almost unlimited supply of vehicles, and overhead limited to shipping costs. Li’s account at CitiBank, Hong Kong was growing. He put his savings in broad-based stock mutual funds specializing in high risk emerging markets. His investments doubled in two years.

Roger Parsons,, the claims supervisor received a report from the NICB that the car had been shipped by Li to Hong Kong a month before the reported theft. Customs officials in Hong Kong reported the car arrived and was picked up by its consignee.

Massive and Stoney retained counsel to examine Mr. Li under oath about the theft. Li and his attorney appeared at Massive’s lawyer’s office belligerent, demanding immediate payment of a legitimate insurance claim.

Li, the instigator of the fraud, testified against his coconspirators. He served six months of electronic confinement to his penthouse apartment and paid $250,000 in restitution to one insurer.

ZALMA OPINION

The state should be proud that they took down a massive insurance fraud scheme but, because they needed him, Li retired a rich man to Hong Kong. He may regret it now that the Communist Party took over Hong Kong.
(c) 2022 Barry Zalma & ClaimSchool, Inc.

Barry Zalma, Esq., CFE, is available at http://www.zalma.com and [email protected].

Subscribe to Zalma on Insurance at locals.com https://lnkd.in/gn5WAi6C.

Subscribe to Excellence in Claims Handling at https://lnkd.in/gNm9EWKJ.