A federal appeals court has upheld the convictions of former New Mexico insurance regulator Joe Ruiz on corruption charges.
The 10th U.S. Circuit Court of Appeals affirmed Ruiz’s convictions of extortion, mail fraud, wire fraud and corruption solicitation.
Ruiz was convicted last year of soliciting charitable donations from insurance companies in exchange for reducing regulatory fines. Ruiz directed companies to make payments to a nonprofit health foundation or an arts group that bought a bilingual children’s book he had written. Ruiz earned royalties from the books.
The health foundation was formed by former State Insurance Superintendent Eric Serna, who had recruited Ruiz for his regulatory job.
Ruiz was sentenced to four years in prison.
Was this article valuable?
Here are more articles you may enjoy.
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
Zurich Insurance Profit Beats Estimates as CEO Eyes Beazley 
Florida Regulators Crack the Whip on Auto Warranty Firm, Fake Certificates of Insurance 
