Businessman Gets 37 Years For $100M Insurance Premium Fraud

BALTIMORE (AP) -- A businessman who prosecutors say stole more than $100 million in insurance premiums to live a life of luxury has been sentenced to 37 years in prison.

Forty-year-old Jeffrey Brian Cohen of Reisterstown was also ordered to pay restitution at sentencing Thursday in federal court in Baltimore, prosecutors said in a news release.

Four days into his trial in June, prosecutors say, Cohen pleaded guilty to wire fraud and other offenses.

Prosecutors say Cohen was CEO of Indemnity Insurance Corp., which specialized in insuring nightclubs and bars. Authorities say Cohen falsely represented the financial status of businesses he controlled to fraudulently obtain insurance premiums.

Cohen used the premiums to buy multi-million dollar house in Florida, three homes in Maryland and buy expensive cars such as a Bentley and Aston Martin.

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