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An ongoing federal investigation in North Carolina has revealed that a small reinsurance broker and confederates scammed two self-insurance groups and a captive insurer out of $39 million in workers’ compensation premiums, according to government officials.

The broker–Thomas Gerard Reitz, 47,of Alpharetta, Ga.–two weeks ago pleaded guilty in U.S. District Court in Charlotte, N.C., to mail fraud and money-laundering charges that carry a maximum term of more than 20 years.

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