A state ethics unit said it found that Thomas Gallagher, Florida's chief financial officer, violated the state's ethics code by trading in shares of insurance companies his department oversaw while he was insurance commissioner.

The Florida Commission On Ethics issued a report finding evidence that the infractions took place prior to Mr. Gallagher's election to the state's Department of Financial Services, which today regulates Florida's insurance industry.

According to the commission's records, Mr. Gallagher owned 3,000 shares of Conseco and as much as 7,000 shares in Penn Treaty American 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.

Recommended For You

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:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.