Jeffrey Cohen Charged in Superseding Indictment with Wire Fraud, Money Laundering, and Making False Statements to Fraudulently Obtain More Than $100…
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Jeffrey Cohen Charged in Superseding Indictment with Wire Fraud, Money Laundering, and Making False Statements to Fraudulently Obtain More Than
Jeffrey Cohen Charged in Superseding Indictment with Wire Fraud, Money Laundering, and Making False Statements to Fraudulently Obtain More Than
Allegedly Created and Transmitted False Documents and Made False Statements
District of Maryland (410) 209-4800
The superseding indictment was announced by
According to the superseding indictment, Cohen acted as the president and chairman of the board of a
The Delaware Insurance Commissioner and the DC Insurance Commissioner were charged by law with the responsibility of protecting insurance policyholders and the general public by regulating insurance companies and risk retention groups and their products to ensure among other things, that insurance companies and risk retention groups have the ability to pay claims.
According to the 12-count superseding indictment, Cohen obtained and attempted to obtain money from insurance policyholders and potential insurance policyholders of Indemnity-DC and Indemnity based on financial ratings, financial audits, and insurance regulatory approvals that Cohen fraudulently obtained. The indictment alleges that beginning in
Specifically, the superseding indictment alleges that Cohen created false financial documents, including bank statements, letters of credit, and confirmations of bank account balances. These documents allegedly included a bank confirmation from a fictitious entity called RBCI, purportedly showing that Indemnity-DC had a bank account with a balance of
According to the superseding indictment, Cohen caused Indemnity-DC and Indemnity to issue insurance policies exceeding the coverage limits authorized by the DC Insurance Commissioner and the Delaware Insurance Commissioner. To conceal the true financial condition of the companies, Cohen allegedly transmitted fraudulent audited and unaudited financial statements for Indemnity-DC and Indemnity to the DC Insurance Commissioner and the Delaware Insurance Commissioner. Cohen also allegedly made false statements to representatives of the Delaware Insurance Commissioner in
According to the indictment, Cohen also conducted financial transactions with the proceeds of the scheme. Specifically the indictment alleges that Cohen transferred
The indictment seeks forfeiture of
Cohen faces a maximum sentence of 20 years in prison for each of five counts of wire fraud, 10 years in prison for each of two counts of money laundering, and 15 years in prison for each of five counts of making false statements to an insurance regulator. No court appearance has been scheduled and Cohen remains detained.
An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.
This content has been reproduced from its original source (http://www.justice.gov/usao/md/).
Copyright: | (c) 2011 Federal Information & News Dispatch, Inc. |
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