View this article online: https://www.insurancejournal.com/news/east/2015/12/13/391695.htm

Former Insurance Exec Gets 37 Years for $100M Premium Fraud in Maryland

A Maryland businessman who prosecutors say stole more than $100 million in insurance premiums to live a life of luxury has been sentenced to 37 years in prison.

Forty-year-old Jeffrey Brian Cohen of Reisterstown, Maryland, about 25 miles northwest of Baltimore, was also ordered to pay restitution at the Dec. 10 sentencing in Baltimore federal court, prosecutors said in a news release.

Four days into his trial in June, prosecutors say, Cohen pleaded guilty to wire fraud and other offenses.

Prosecutors say Cohen was CEO of Indemnity Insurance Corp., which specialized in insuring nightclubs and bars. Authorities say Cohen falsely represented the financial status of businesses he controlled to fraudulently obtain insurance premiums.

Cohen used the premiums to buy a multi-million dollar house in Florida, three homes in Maryland and expensive cars such as a Bentley.

Related:

• Nightclub Insurer Owner in Maryland Charged in $100M Policyholder Fraud
• Nightclub Insurer Founder to Remain in Custody in Maryland
• Nightclub Insurer Founder Fights Delaware Regulator Over Seizure