Reinsurance Suit Ends In Victory For SEC

Law360, New York (May 25, 2007, 12:00 AM EDT) -- The first lawsuit over finite reinsurance fraud to go to trial has ended in a victory for the U.S. Securities and Exchange Commission.

On Friday, a jury in the U.S. District Court for the Southern District of New York ruled that two former executives of telecommunications company Brightpoint Inc. employed a finite reinsurance scheme to hide millions of dollars in losses.

The jury found that Timothy Harcharik, former Brightpoint director of risk management, conspired with former Chief Operating Officer John Delaney to purchase a falsified reinsurance...
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