Oklahoma will receive $2.5 million of the $72 million in Martin Frankel’s assets seized by the Internal Revenue Service and Federal Bureau of Investigation, according to Insurance Commissioner Kim Holland.
Frankel defrauded seven insurance companies in five different states of more than $200 million then fled the United States in 1999. He was later arrested and returned to the U.S., where he pleaded guilty to insurance fraud, racketeering and money laundering, and was sentenced to nearly seventeen years in federal prison.
Frankel’s assets were seized and sold, and the resulting funds placed in forfeiture accounts, which were recently ordered to be turned over to the receivers of the insolvent insurance companies. Including the $2.5 million received from the forfeiture, Holland has recovered a total of more than $3.8 million in the Frankel case.
Holland directs a 12-person Anti-Fraud Unit that investigates insurance fraud statewide. Under Holland’s oversight, the Oklahoma Insurance Department also leads the Federal and International Enforcement Coordination Working Group of the National Association of Insurance Commissioners.
Source: Oklahoma Insurance Department, www.oid.state.ok.us
Topics Oklahoma
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