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Eric R. Dinallo   Superintendent of Insurance  25 Beaver Street  New York, N.Y. 10004

ISSUED 04/01/2008 FOR IMMEDIATE RELEASE

 

TROY RESTAURANT OWNER CHARGED WITH GRAND LARCENY

The owner of the Golden Fox Restaurant and Bar in Troy was charged with grand larceny after he was arrested Thursday for filing an allegedly false insurance claim over the loss of $7,000 worth of food in a power outage.

Joseph R. Greco, 55, of 535 Highwood Circle, Albany, was arrested by New York State Insurance Department Frauds Bureau Investigator David J. Towne, assisted by State Police at Loudonville.

Greco's arrest followed the investigation of an insurance claim in which he said he lost food products because of a power outage that affected his restaurant at 254 Broadway. Greco was paid $5,000 after filing the claim with Selective Insurance and National Grid Power Company. The investigation determined that he did not lose any food because of the July 2007 power outage.

If convicted, Greco could be sentenced to up to seven years in prison.

Following his arraignment in Troy City Police Court, Greco was released to the supervision of probation, pending an April 29 hearing. He is being prosecuted by the office of Rensselaer County District Attorney Richard J. McNally Jr.

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