Insurance Financier Frankel Pleads Guilty
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Financier Martin Frankel, who bilked insurance companies in five states out of about $200 million, pleaded guilty to federal charges of racketeering, conspiracy, wire fraud and securities fraud, prosecutors said.
Frankel agreed to cooperate with prosecutors as they try to recover assets he stole from the insurers. He appeared in federal court in New Haven, Conn., to agree to the deal.
He could face up to 150 years in prison and $6.5 million in fines but prosecutors are expected to agree to a shorter sentence as long as Frankel lives up to his pledge to cooperate.
Frankel amassed tens of millions of dollars in cash, gold, diamonds and property from the insurance companies.
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