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Federal Judge Rules That Professional Liability Insurer Must Defend Insurance Broker Against Ponzi Scheme Lawsuits

The U.S. District Court for the Southern District of Texas recently ruled that a professional liability insurer must defend its insured, an insurance brokerage and consulting firm, against claims by victims of the alleged Stanford Financial ("Stanford") Ponzi scheme. Endurance American Specialty...

Stanford Directors And Officers Insurance Barred By Money Laundering Exclusion

HOUSTON -- (Mealey's) Insurers have proven that their policies' money laundering exclusion precludes coverage for directors and officers insureds' defense costs in underlying criminal and SEC litigation involving the alleged Stanford Ponzi scheme, a Texas federal judge held Oct. 13, granting...

Trusted Insurance Broker Steals From Friends, Relatives and Fellow Congregants – Nine Years in Prison

Walter Marion Williams pleaded guilty to one count of mail fraud, in violation of 18 U.S.C. § 1341 , and was sentenced to a term of 108 months' imprisonment to be followed by 3 years of supervised release. Williams appealed from his sentence, which he argued was an unreasonable upward variance...