Rochester, MN (KROC AM News) - A Rochester man is accused of ripping off an insurance company in a case that centers on an expensive engagement ring.

The felony case dates back several years but was filed Tuesday in Olmsted County Court. Facing charges of theft by swindle and insurance fraud is 37-year-old Jacob Simons.

According to the criminal complaint, Simons gave the ring to his then-fiance in 2013. She had the 2.5-carat diamond ring insured through Travelers Insurance with an appraised value of just over $42,000.

The woman reported it missing on Christmas Eve, 2013, saying she had looked throughout her home in Kasson and could not find it.

Travelers settled with the woman in Feb. 2014, sending her a check covering the full value of the ring. Investigators say she wrote a personal check to Simons for the full amount of the settlement and he deposited it in his checking account. The criminal complaint indicates the woman received no proceeds from the settlement.

It was later learned Simons had traded in a ring that had a diamond identical to the one reported missing. An invoice showed the transaction took place March 12, 2014.

Simons has been ordered to make his first court appearance Feb. 28th.

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