Despite a guilty plea by a major participant, federal authorities said today they are still pursuing their investigation of a record $4 million phony Lloyd's insurance scam that operated in severalstates.
Ex-convict and former California insurance broker Richard Peterson last week appeared before U.S. District Court Judge Denny Chin in Manhattan and pled guilty to two felony counts in connection with the scheme.
Mr. Peterson is due for sentencing on Oct. 19, when he faces up to 20 years in prison for violating federal law against insurance sales by a felon and wire fraud.
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