Read the Text of the Indictment of Four Florida Insurance Executives Charged in $20 Million Florida Hurricane Catastrophe Fund Fraud
Mar 3, 2011
As reported by the Associated Press, a federal grand jury indicted William Sanders, Thomas Stinson, Richard Magsam and John Henry Axley III–all former insurance company executives of the now-defunct Vanguard Fire and Casualty Company of Maitland, Florida–on charges of defrauding $20 million from the Florida Hurricane Catastrophe Fund (“FHCF”).
The March 1, 2011 indictment charges the defendants with making false statements and representations and conspiracy. They are accused of misrepresenting losses from Hurricane Jeanne in 2004 to illegally obtain reimbursements in excess of $20 million from the FHCF.
The complete indictment is attached for review.
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