Ex Insurance CEO Nicosia Gets Prison For Fraud
NU Online News Service, March 23, 4:05 p.m. EST?The former chief executive officer of the defunct insurer First Oak Brook Corp. Syndicate Inc. was sentenced to 42 months in prison yesterday for fabricating the company's financial results before its failure in 1996.[@@]
Joseph Nicosia Jr., who had pleaded guilty to making material misrepresentations about First Oak Brook Corp.'s finances, was also ordered to pay $8.6 million in restitution by U.S. District Court Judge James Moran in Chicago.
First Oak Brook Corp. was an underwriting member of the INEX Insurance Exchange, formerly known as the Illinois Insurance Exchange.
The INEX Insurance Exchange, which describes itself as modeled after Lloyd's, counts among its current participants environmental-and-excess casualty programs providers and innovative specialty commercial liability, auto, and association program facilities.
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