Sebring woman arrested for setting car on fire after reporting it stolen

SEBRING A Sebring woman has been arrested for arson and grand theft after she reported her car missing May 4 and it was found burned in Lake Placid Tracy Reed, 45, 2741 Sandy Loam Ct., told authorities that her 2011 Jaguar XF had been stolen from her residence, according to a press release from the Highlands County Sheriff's Office. Later that day the vehicle was found at Morningside Drive and Morning Mist Avenue in Lake Placid. After further investigation, Reed was arrested with arson in the second degree, grand theft of less than $5,000, burning with intent to defraud an insurer, insurance fraud less than $20,000, a second count of insurance fraud less than $100,000 and false report of a crime, according to the sheriff's office. Reed was released from jail on $42,000 bond.