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Vestal Man Charged With Grand Larceny, Insurance Fraud After Allegedly Falsifying A Diamond Ring Disappearance

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A Vestal resident and local businessman, Michael Pinco, has been charged with felony counts of grand larceny and insurance fraud in a Broome County grand jury indictment.

Pinco is accused of faking the disappearance of a diamond ring and setting and submitting a fraudulent insurance claim to State Farm Insurance in September 2016. He was arrested in October 2018 after the New York State Department of Financial Services conducted an investigation.

A felony complaint filed by investigator Sean Ralph alleges Pinco collected and cashed a check from State Farm in the amount of $28,681, to which he was not entitled, since Ralph determined the ring was never really missing.