Insurance Broker Gets 4 Years For $20M Fraud Scheme

Law360, New York (January 24, 2011, 5:30 PM EST) -- A federal judge Monday ordered a former partner of insurance brokerage Smith Gatta Gelok to cough up at least $22 million in restitution and sentenced him to four years in prison for orchestrating a $20 million fraudulent loan scheme.

Judge Dennis M. Cavanaugh handed down Gavin Gatta's sentence in the U.S. District Court for the District of New Jersey, slapping him with an additional three years of supervised release, according to U.S. Attorney Paul J. Fishman's office.

The judge ordered Gatta, 48, to pay restitution in...
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