4 Fla. Insurance Execs Charged With $20M Fraud

Law360, New York (March 2, 2011, 5:57 PM EST) -- A federal grand jury in Florida on Tuesday indicted four former Vanguard Fire and Casualty Co. executives on charges they defrauded a state insurance bailout fund of $20 million.

The indictment, filed in the U.S. District Court for the Northern District of Florida, charges William Sanders, Thomas Stinson, Richard Magsam and John Henry Axley III with insurance fraud and conspiracy.

Prosecutors claim the four conspired to lie in documents filed with the Florida State Board of Administration, the Florida Hurricane Catastrophe Fund and the Florida Office...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.