U.S. Indicts Frankel on 36 Counts of Fraud, Money Laundering and Racketeering

On October 7, 1999, a U.S. grand jury in the District of Connecticut returned an indictment of Martin R. Frankel, who fled the U.S. in May 1999 when his Greenwich, Connecticut mansion caught fire, and is currently in a German prison, on 36 counts of fraud, money laundering and racketeering in what prosecutors characterized as a plan that defrauded more than $200 million from a group of Southern insurance companies for use for his own benefit. Frankel is accused of masterminding a complicated financial plan that for more than eight years diverted millions of dollars from insurance companies and their policyholders...[more]