A former New York investment executive has been sentenced to 21 months in prison and $10 million in restitution for a scheme that caused the collapse of an Oklahoma insurance company.
Allen Reichman of Irvington, New York, was sentenced Wednesday in Manhattan. He'd pleaded guilty to conspiracy to commit wire fraud.
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Reichman worked for an unidentified investment bank and financial services company.
U.S. Attorney Preet Bharara (buh-RAH'-ruh) says Reichman and others schemed to defraud the New York firm into providing a $30 million loan to finance the purchase of Oklahoma-based Providence Property and Casualty Insurance Company.
After that, they lied to get Oklahoma insurance regulators to approve the purchase.
Reichman got at least $200,000 in commissions.
The insurance company collapsed in 2009 because of the loan.
Three other men previously pleaded guilty.