NU Online News Service, Jan. 5, 3:52 p.m. EST
Georgia Insurance Commissioner John Oxendine announced today that he has launched a criminal probe of M. Clark Fain, III, who headed the now-liquidated workers' compensation insurer Southeastern U.S. Insurance, Inc. (SEUS).
Mr. Oxendine said in a statement he had directed his Fraud Unit to investigate the business practices of Mr. Fain, who presided over SEUS as chief executive officer when the company made a "questionable" $10 million investment in a quail hunting club it owned in Seminole County, when the company was in no financial condition to make such an investment. The transaction was done without proper regulatory approval, explained the commissioner.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
