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Former financier Martin Frankel, accused of defrauding more than $200 million from insurance companies, has pled guilty to corruption charges in Mississippi. According to the Associated Press, Frankel pled guilty to nine counts of mail fraud, one count of conspiracy and one count of making false statements and representations. Each count carries a maximum sentence of five years. As part of a deal with state and federal prosecutors in which Frankel has agreed to cooperate with investigators and asset recovery efforts, Circuit Judge L. Breland Hilburn deferred Frankel’s sentencing for one year. Mississippi investigators claim to have recovered between $80 and $90 million. Following Frankel’s guilty plea, Hilburn approved his return to Connecticut authorities. Frankel pleaded guilty May 15 to 24 counts of federal corruption charges in New Haven, Conn., for which he faces up to 150 years in prison and $6.5 million in fines.

Topics Mississippi