Martin Frankel, infamous looter of insurance companies, was sentenced to 17 years in prison for his theft of more than $200 million. This is the same sentence he received in 2004, and he was resentenced pursuant to a Supreme Court ruling on sentencing guidelines.
Frankel pleaded guilty to 24 counts of fraud and racketeering, for his stealing from insurance companies that he took over in Arkansas, Mississippi, Oklahoma, Missouri and Tennessee. Those insurance companies were purchased through a trust which hid his involvement. His involvement was hidden because Frankel was barred from securities trading because of a theft he committed previously. Frankel claimed he was investing the assets of the insurance companies, but in reality he used the $200 million for personal purchases.
He fled the country in 1999 to avoid prosecution, but was found in Germany 4 months later. Frankel will be eligible for release in 2015.