Facing trial on March 22, the former head of Louisiana’s property insurer of last resort pled guilty to theft of around $30,000 from Louisiana Citizens Property Insurance Corp. and two related insurance organizations.
Terry Lisotta had faced 14 counts of theft by fraud.
In audits conducted in 2003 and 2006, the legislative auditor alleged that Lisotta ran up more than $285,000 in questionable expenses, including lavish meals and trips, airline tickets and retirement gifts not connected to his job.
Lisotta was tried in state district court in Baton Rouge, with East Baton Rouge District Judge Richard Anderson presiding.
He could receive a sentence of up to 10 years in jail, but the New Orleans Times-Picayune reports that a 30-month jail term is the more likely scenario.
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