A state ethics unit said it found that Thomas Gallagher,Florida's chief financial officer, violated the state's ethics codeby trading in shares of insurance companies his department oversawwhile he was insurance commissioner.
The Florida Commission On Ethics issued a report findingevidence that the infractions took place prior to Mr. Gallagher'selection to the state's Department of Financial Services, whichtoday regulates Florida's insurance industry.
According to the commission's records, Mr. Gallagher owned 3,000shares of Conseco and as much as 7,000 shares in Penn TreatyAmerican Corporation in 2002. In that year, he sold his holdings,losing $1,020 from the sale of Conseco and making a profit of$7,207 from his Penn Treaty sale.
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