4 Florida insurance execs charged in $20 M fraud

Associated Press
March 01, 2011

TALLAHASSEE, Fla. (AP) - A federal grand jury has indicted four former insurance company executives on charges of defrauding $20 million from the Florida Hurricane Catastrophe Fund.

The indictment issued Tuesday night in Tallahassee charges the defendants, all formerly executives with the now-defunct Vanguard Fire and Casualty Co. of Maitland with making false statements and representations and conspiracy.

William Sanders, Thomas Stinson, Richard Magsam and John Henry Axley III are accused of misrepresenting losses from Hurricane Jeanne in 2004 to illegally obtain reimbursements in excess of $20 million from the CAT fund.

It wasn't immediately clear if the defendants have legal representation.

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