Man Hid More Than $70M in Payroll to Lower Premiums, Prosecutors Say

A Southern California man was arraigned last week after prosecutors alleged he intentionally underreported his business’ payroll by more than $70 million to lower his workers’ comp premiums, according to the Department of Insurance. Nissim Vaknin, 49, of Encino, was charged with felony insurance fraud after allegedly using the underreported payroll to lower his premiums by more than $25 million, the department said in a news release. Investigators began looking into Vaknin’s business practices after the State Compensation Insurance Fund flagged a questionable claim in ...