Chicago Insurance Exec Sentenced To 4 Years For $13M Fraud

By Celeste Bott (October 22, 2019, 6:35 PM EDT) -- A Chicago health insurance executive was sentenced to four years and two months in prison Tuesday for steering more than $13.5 million in hospitals' insurance premiums to a shell company for his personal expenses like trips and real estate.

David Ballard, former vice president of CNA Financial's underwriting group, pled guilty to one count of wire fraud in Illinois federal court last year over a scheme in which he fraudulently issued insurance renewal policies that had not been authorized by his employer, then collected the premiums himself.

U.S. District Judge John Z. Lee said the government's request that Ballard, 55, be sentenced...

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