Frankel Pleads Guilty

Martin Frankel, who faced charges for reportedly defrauding insurers in five states of over $200 million, pled guilty in a Connecticut courtroom May 15, according to reports in the Associated Press and Wall Street Journal. Frankel, who was indicted on more than 30 counts, allegedly obtained control of small insurance businesses in Arkansas, Mississippi, Missouri, Oklahoma and Tennessee, then stole cash from company reserves in the last decade. He reportedly spent the money on private indulgences, including planes, cars and gifts for others. Frankel faces the possibility of up to 150 years behind bars. Four other individuals are also charged as co-conspirators, including a pair of aides, an accountant, and a monsignor with connections to the Vatican. Msgr. Emilio Colagiovanni is charged with wire fraud, along with conspiracy to commit money laundering. Commissioners from the five states where Frankel allegedly stole money have filed a federal lawsuit, charging the Vatican and Colagiovanni with racketeering and fraud. The Vatican maintains it had no involvement in the alleged crimes.