Jeffrey Cohen, False Statements to Insurance Regulator, Maryland 2012

Businessman Indicted for Making Over $5 Million in False Asset Statements to Government Insurance Regulators

In a shocking turn of events, Jeffrey Cohen, 39, of Reisterstown, Maryland, has been indicted on five counts of making false statements to an insurance regulator. The indictment, returned on June 26, 2014, was unsealed on June 27, 2014, upon his arrest.

Cohen, the president and chairman of the Board of Indemnity Insurance Corporation RRG (IICRRG), a Delaware corporation operating in several states including Maryland, allegedly caused the company to file false financial statements with the Delaware Insurance Commissioner. The statements claimed that IICRRG had $5.1 million in cash on deposit, when in reality, the company was facing financial difficulties.

The indictment alleges that Cohen's actions were an attempt to influence the actions of the Commissioner and protect the company's interests. IICRRG provided general liability, liquor liability, and excess liability coverage to policyholders, which were individuals and companies involved in the entertainment industry, such as nightclubs, concert tours, and special events.

The indictment was announced by United States Attorney Rod J. Rosenstein; Special Agent in Charge Stephen E. Vogt of the Federal Bureau of Investigation; Special Agent in Charge William Winter of U.S. Immigration and Customs Enforcement's (ICE) Homeland Security Investigations (HSI); Special Agent in Charge Thomas J. Kelly of the Internal Revenue Service - Criminal Investigation, Washington, D.C. Field Office; and Postal Inspector in Charge Gary R. Barksdale of the U.S. Postal Inspection Service - Washington Division.

Cohen faces a maximum sentence of 15 years in prison and a $250,000 fine for making false statements to an insurance regulator. An initial appearance was held in U.S. District Court in Baltimore, and Cohen is currently detained pending a detention hearing scheduled for Friday, June 27, 2014, at 2:00 p.m.

An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

Source: https://www.justice.gov/usao-md/pr/businessman-indicted-making-over-5-million-false-asset-statements-government-insurance