Five Year Sentence In Million-Dollar Theft
NEW HAVEN, Conn. (AP) _ Federal prosecutors say an employee benefits manager has been sentenced to more than five years in prison for stealing $1 million.
Authorities say 64-year-old Michael Millman of North Kingstown, R.I., formerly of Fairfield, was sentenced Thursday in New Haven to 63 months in prison and ordered to pay restitution.
Prosecutors say Millman owned and managed plans which provide employees with life insurance and disability benefits. Authorities say he stole the money by failing to send insurance premiums to the appropriate insurance carrier, by taking loans from the value of participants’ insurance policies, and by diverting proceeds from policies.
Millman pleaded guilty last year to bank fraud, wire fraud, and embezzlement and theft from an employee pension or welfare benefit plan.
(Copyright 2011 by The Associated Press. All Rights Reserved.)