NU Online News Service, March 2, 1:09 p.m. EST
Four former insurance executives of now-defunct Vanguard Fire and Casualty Company have been indicted on charges of fraudulently obtaining $20 million in reimbursement from the Florida Hurricane Catastrophe Fund (FHCF) after the 2004 hurricane season.
Maitland, Fla.-based Vanguard was ordered into liquidation in March 2007, according to the state Department of Financial Services, but the U.S. Department of Justice said the company would have been insolvent sooner without defrauding the state cat fund.
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