Oklahoma Insurance Commissioner Announces Oklahoma’s Share Of Martin Frankel Assets

Oklahoma City, OK  (CompNewsNetwork) - Insurance Commissioner Kim Holland  announced that Oklahoma will receive $2.5 million as part of the $72 million in Martin Frankel’s assets seized by the Internal Revenue Service and Federal Bureau of Investigation.

“The Oklahoma Insurance Department works hard to fight insurance fraud in all forms,” said Holland. “This case demonstrates our commitment to work collaboratively with other states and federal authorities in the pursuit of criminal enterprises.”

Frankel defrauded seven insurance companies in five different states of more than $200 million then fled the United States in 1999. He was later arrested and returned to the United States. Frankel pleaded guilty to insurance fraud, racketeering, and money laundering and has been sentenced to nearly seventeen years in federal prison.

Frankel’s assets were seized and sold, and the resulting funds placed in forfeiture accounts, which were recently ordered to be turned over to the receivers of the insolvent insurance companies. Including the $2.5 million received from the forfeiture, Holland has recovered a total of more than $3.8 million in the Frankel case.

Holland directs a 12-person Anti-Fraud Unit that investigates insurance fraud statewide. Under Holland’s oversight, the Oklahoma Insurance Department also leads the Federal and International Enforcement Coordination Working Group of the National Association of Insurance Commissioners.

ABOUT OKLAHOMA INSURANCE DEPARTMENT
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state. For more information about the Oklahoma Insurance Department, call (800) 522-0071 or visit the Web at http://www.oid.state.ok.us/.

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