Former Beacon CEO indicted for larceny, obtaining money under false pretenses

Posted 10/7/10

(Updated, 1:10 p.m.)

PROVIDENCE – A statewide grand jury has indicted Joseph A. Solomon, former CEO of Beacon Mutual Insurance Co., on one count of larceny over $500 and one count of obtaining money under false pretenses over $500 from his company, Attorney General Patrick C. Lynch’s office announced Thursday.

Solomon, 48 years old, allegedly charged personal expenses totaling $8,531 while CEO of Beacon Mutual, including a $5,000 payment to Mulholland Satellite & Sound Inc. as a partial payment for a home audio/video system installed at his home at 65 Taggart Court in East Greenwich. Solomon also allegedly charged $3,531 to MRT Co. Inc. for diamond jewelry. The thefts are said to have taken place between Jan. 1, 2003 and Oct. 31, 2003.

When Solomon became aware that an investigation was underway, he wrote a check for the total amount in February 2006, shortly before he was fired by the company’s board of directors in April, according to the Interim Report of the Statewide Grand Jury.

“This indictment is about holding the former leadership of Beacon Mutual accountable for treating many of its customers - hard-working Rhode Island businesses - essentially, with contempt,” said Lynch. “It’s a cause well worth fighting and a case well worth prosecuting.”

Solomon is scheduled to be arraigned in Kent County Superior Court on Oct. 29.

Beacon Mutual has declined to comment on the news.

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