The former owners of Aries Insurance Co. are on the hook for millions after a Miami-Dade District Court found them guilty of diverting funds for personal use.
Florida CFO Jeff Atwater said that a Miami-Dade Circuit Court entered a $76 million judgment against former Aries owner Marcos Fraynd and his children Paul Fraynd, Saul Fraynd and Fanny Fraynd.
Aries was declared insolvent in 2002, leaving behind roughly 58,000 policyholders and creditors with unpaid claims. The Florida Insurance Guaranty Association and the Florida Workers’ Compensation Insurance Guaranty Association have already paid out more than $165 million to Aries claimants.
Was this article valuable?
Here are more articles you may enjoy.
Report: Auto Insurance Total Loss Frequency Climbs, More Drivers Pay Repairs 
EU Cyber Agency Warns Websites May Go Dark as PHP Prepares Critical Fix 
Chubb CEO Greenberg: Industry Has to ‘Put Arms Around’ AI Liability 
Insurer Rolls Out Policy to Protect Data Centers Against Growing Backlash From This Issue
