Bradley C. Reifler of New York was sentenced to five years in prison for wire fraud in a $20 million scheme to defraud the North Carolina-based life insurance company, Forefront Capital Holdings, according to Department of Justice Thursday.
Reifler allegedly misappropriated investment funds by paying for overhead expenses and repaying previous debts instead of putting the money toward secure investment vehicles, said the agency.
He also allegedly sent the life insurance company false documentation for deals with fake entities, DOJ said.
This story was produced by Bloomberg Law Automation.
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.