Insurance company owner admits mail fraud, gets six-year sentence

“Frank Whitbeck, 61, the owner of the failed Signature Life Insurance Co. of Little Rock, Ark., entered a guilty plea to one count of mail fraud and was sentenced to six years in prison. He also was ordered to pay $3.8 million restitution and fined $12,000 He also faces three years’ supervision after completing his prison term. Whitbeck claimed his company had made secured loans, but according to the U.S. attorney’s office, he diverted the money to other business interests and himself.”

I just can’t believe this. All I can say is, welcome to America, home of the prisoners.

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