law

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.

Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement