A state ethics unit said it found that Thomas Gallagher, Florida's chief financial officer, violated the state's ethics code by trading in shares of insurance companies his department oversaw while he was insurance commissioner.
The Florida Commission On Ethics issued a report Friday finding evidence that the infractions took place prior to Mr. Gallagher's election to the state's Department of Financial Services, which today regulates the state's insurance industry.
According to the commission's records, Mr. Gallagher owned 3,000 shares of Conseco and as much as 7,000 shares in Penn Treaty American Corporation in 2002. In that same year, he sold his holdings, losing $1,020 from the sale of Conseco and making a profit of $7,207 from his Penn Treaty sale.
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