Former Arkansas Insurance Company Exec Sentenced for Embezzlement

The former president of a Little Rock, Ark.-based insurance company was sentenced in July to one year and one day in prison for embezzlement.

John Mathis “Matt” Lile, III, of Little Rock, the former president of Cosmopolitan Life Insurance Co., pleaded guilty in September 2014 to embezzling more than $100,000 from the company.

The case was investigated and prosecuted by the United States Attorney for the Eastern District of Arkansas, the Federal Bureau of Investigation and the United States Department of Labor, Employee Benefits Security Administration.

The now defunct Cosmopolitan Life funded and managed self-insurance healthcare plans for small businesses around Arkansas.

Lile also must pay $118,500 in restitution to Cosmopolitan, which is in receivership with Arkansas Insurance Department, and serve three years of supervised release at the end of his prison term.