Jasbir Thandi, a former insurance executive and founder of Global Century Insurance Brokers, pleaded guilty to conspiracy to commit insurance fraud. The fraudulent scheme, involving the creation of fake financial records to misrepresent the company's capital and reserves, led to over $20 million in losses and the collapse of two insurance companies. Thandi faces potential prison time of up to five years and significant fines. He was the fourth individual to plead guilty, alongside three others charged in the case, reflecting a coordinated effort to defraud regulators.
Thandi conspired with others beginning around May 2018 to create fake financial records stating that Global Hawk had higher capital and reserves than they did.
Authorities stated that the scheme led to over $20 million in losses and the collapse of two insurance companies, impacting hundreds of victims.
Thandi faces up to five years in prison and a $250,000 fine for each count related to conspiracy to commit insurance fraud.
Three co-defendants previously pleaded guilty to similar charges, indicating a wide-reaching and collaborative effort in the fraudulent activities.
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