The former owners of Aries Insurance Co. are on the hook for millions after a Miami-Dade District Court found them guilty of diverting funds for personal use.
Florida CFO Jeff Atwater said that a Miami-Dade Circuit Court entered a $76 million judgment against former Aries owner Marcos Fraynd and his children Paul Fraynd, Saul Fraynd and Fanny Fraynd.
Aries was declared insolvent in 2002, leaving behind roughly 58,000 policyholders and creditors with unpaid claims. The Florida Insurance Guaranty Association and the Florida Workers’ Compensation Insurance Guaranty Association have already paid out more than $165 million to Aries claimants.
Was this article valuable?
Here are more articles you may enjoy.
AIG Files Amended Suit Against Former Execs, Dellwood Insurance 
What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns. 
Hurricane Beryl: Insurers See Minimal Impact, Brace for Active Season 
Progressive Q2 Net Income Skyrockets Over 320% From This Issue
