(Bloomberg) -- A former Oppenheimer & Co. Inc. executive was sentenced to almost two years in prison for his role in a fraud that prosecutors say led to the collapse of an Oklahoma insurancecompany.
Allen Reichman, 54, and three others scammed Oklahoma regulators in the $37.5 million leveraged buyout of Providence Property & Casualty Insurance Co., according to prosecutors. The group lied about using Providence’s assets as collateral for a $30 million loan from Oppenheimer, in violation of Oklahoma regulations preventing insurers from putting that much of their capital at risk, prosecutors said.
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