SCOTTSDALE, ARIZ.–Members of the captive insurance sector attending a conference here said they were concerned about the possible impact Monday's arrest of a captive manager on embezzlement charges could have on their industry.
Kenneth MacKay, a former captive manager for Willis in Vermont, was arrested by federal authorities and charged with embezzling $2.2 million from Willis Management (Vermont) Ltd. and captive insurers that are clients of Willis.
The Vermont U.S. Attorney's Office said Mr. MacKay, of Williston, Vt., was charged with bank and wire fraud and money laundering.
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