Colonel Steven G. O’Donnell, Superintendent of the Rhode Island State Police and Commissioner of Public Safety, announces that on March 5, 2014, members of the State Police Financial Crimes Unit arrested Michael Bresette, age 43, of 52 Tug Hollow Road, Richmond, Rhode Island, for an alleged Unlawful Appropriation of an Insurance Settlement.
Bresette is the owner of AAA Public Insurance Adjusters and Imperial Restoration, Inc. Mr. Bresette’s insurance adjuster license was permanently revoked by the Rhode Island Department of Business Regulation on January 9, 2012 based on previous criminal charges to include insurance fraud and obtaining money under false pretenses.
This investigation began when the State Police Financial Crimes Unit received a complaint from an individual who hired Bresette to represent him as an insurance adjuster for a homeowner’s claim. After a settlement was negotiated, the victim received a check in the amount of $41,262.50, which required the endorsement of himself, Bresette and JP Morgan Chase Bank. The victim signed the check and forwarded it to Bresette, who allegedly deposited the check into his bank account without the endorsement of JP Morgan Chase. Bresette withdrew all of the funds from his account days later, leaving a negative balance. The victim never received any of the money from the settlement to repair his home.
Bresette was arraigned at Third Division District Court before the Honorable Associate Judge William C. Clifton and released on $20,000 personal recognizance.