A California lawyer accused of scheming to sink a yacht off the coast of Italy was sentenced to 7 1/2 years in prison by U.S. District Judge Lourdes Baird, according to the Associated Press.
Rex DeGeorge, of Beverly Hills, was also ordered to pay $2.8 million to Cigna Property and Casualty Insurance Company as restitution for what the company spent in suing DeGeorge to overturn the $3.5 million insurance policy it had issued for the yacht, according to assistant U.S. Attorney Eileen Decker.
Prosecutors alleged that DeGeorge purchased a 76-foot yacht in 1992, and then used a string of false sales transactions to increase its insurance value. DeGeorge and his co-conspirators then allegedly attempted to sink the yacht off the coast of Naples by cutting holes in the hull, but the boat was only partly sunken. The Italian Coast Guard rescued the trio at sea.
In March, DeGeorge was convicted on three counts of mail fraud, seven counts of wire fraud and five counts of lying in a court hearing.
DeGeorge’s alleged co-conspirator, Paul Ebeling, of St. Louis, was sentenced to jail time, a $40,000 fine, and community service after pleading guilty to federal charges in the case.
Another alleged co-conspirator, Gabriel Falco, of Amagansett, N.Y., was sentenced to two years of probation after pleading guilty.
DeGeorge had allegedly lost three other yachts at sea, and collected nearly $500,000 in insurance claims.
Topics California
Was this article valuable?
Here are more articles you may enjoy.
Ford Recalls 668,000 2014 F-150 Pickup Trucks Over Transmission Issue 
Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023 
Coverage Needed: Hundreds of Thousands in SE Now in Flood Zones With New Maps 
Farmers Adjusters Cry Foul Over Workloads, Claims Handling in Letter to Regulators From This Issue
