As The Daily Record reported Wednesday, Jeffrey B. Cohen, the 39-year-old founder and former CEO of Indemnity Insurance Corp. RRG, has been indicted on five counts of making false statements to an insurance regulator.
Cohen was accused of many frauds throughout the legal proceedings related to the liquidation of the insurance company he founded. But this is the first time he has been criminally charged for them.
Cohen has been detained pending a hearing Friday afternoon. He faces a maximum sentence of 15 years in prison and a $250,000 fine.
Throughout the Indemnity proceedings, Cohen repeatedly said that the allegations were false.
For a refresher on all of the allegations and proceedings, take a look at our previous coverage: