An ongoing federal investigation in North Carolina has revealed that a small reinsurance broker and confederates scammed two self-insurance groups and a captive insurer out of $39 million in workers' compensation premiums, according to government officials.
The broker--Thomas Gerard Reitz, 47,of Alpharetta, Ga.--two weeks ago pleaded guilty in U.S. District Court in Charlotte, N.C., to mail fraud and money-laundering charges that carry a maximum term of more than 20 years.
According to the FBI, the investigation is continuing.
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