(Bloomberg) — A former Oppenheimer & Co. Inc. executive pleaded guilty to participating in a fraud that the U.S. says led to the collapse of an Oklahoma insurance company.
Allen Reichman, 55, told a Manhattan judge Friday that he and former Park Avenue Bank Chief Executive Officer Charles Antonucci schemed to defraud Oklahoma regulators in the $37.5 million sale of Providence Property & Casualty Insurance Co. In announcing the case in 2012, prosecutors said the men misrepresented the source of the funds that Antonucci used to buy Providence.
Reichman pleaded to a charge of wire fraud conspiracy, saying he helped arrange for an illegal $30 million loan from Oppenheimer to fund the bulk of the transaction, which wasn't disclosed to regulators.
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