NU Online News Service, Jan. 5, 3:52 p.m. EST
Georgia Insurance Commissioner John Oxendine announced today that he has launched a criminal probe of M. Clark Fain, III, who headed the now-liquidated workers' compensation insurer Southeastern U.S. Insurance, Inc. (SEUS).
Mr. Oxendine said in a statement he had directed his Fraud Unit to investigate the business practices of Mr. Fain, who presided over SEUS as chief executive officer when the company made a "questionable" $10 million investment in a quail hunting club it owned in Seminole County, when the company was in no financial condition to make such an investment. The transaction was done without proper regulatory approval, explained the commissioner.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
