Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A former director of risk management at Brightpoint Inc. has been ordered by a federal judge in New York to pay $50,000 in civil penalties in connection with the fraudulent use of finite reinsurance, the Securities and Exchange Commission announced.

U.S. District Court Judge Harold Baer Jr. in Manhattan on Monday ordered Timothy Harcharik to pay the fine for his role in the finite risk deal struck in 1998 between Brightpoint Inc., a Plainfield, Ind.-based mobile telephone distributor, and insurer American International Group, the SEC said.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • 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?


Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.