An Omaha, Neb. businessman who’s facing several lawsuits accusing him of fraud has filed his own lawsuit.
Bryan Behrens is suing Kansas City, Mo.-based Arch Insurance Co. saying it’s responsible for his defense costs, which now total about $250,000.
Behrens is facing six lawsuits from investors and in his lawsuit filed DEc. 4 in U.S. District Court in Omaha says there could be more.
The Securities and Exchange Commission has said Behrens collected $6.5 million from about 20 investors and used it to pay off early investors and to buy luxury items.
Behrens has denied the claims.
He argues that while the insurance policy makes an exception for fraud claims, it must pay defense costs until the allegations are proven true.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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