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4 Fla. Insurance Execs Charged With $20M Fraud

Law360 (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...
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