Michael L. Millman, 63, of Fairfield, Connecticut, pleaded guilty this week to charges he embezzled more than $1 million in insurance premiums from his clients of two firms he owned, Nutmeg Benefits Group and Nutmeg Welfare Benefit Plan and Trust. Specifically, Millman plead guilty to bank fraud, wire fraud, and embezzlement and theft from an employee pension or welfare benefit plan. Authorities alleged that between June 2005 and last December, Millman misappropriated $655,893 by failing to send insurance premiums to the companies underwriting the policies, diverting proceeds from policies to his own use and taking loans on policies. He also defrauded Essex Savings Bank out of $344,516, which served as the trustee of the plans. Millman faces up to 78 months in prison, plus fines and restitution.
Read the story here, here and here.
Update (3/24/11): Millman, now 64, and residing in North Kingstown, Rhode Island, was sentenced to 63 months in prison and ordered to pay full restitution.
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