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Swindler alleges Ford gains from insurance overpayments
Convicted securities swindler told a Senate subcommittee that Ford Mota Co shifted insurance premium overpayments into a special fund for executives. Philip M Wilson described a Bermudan scheme via Trans Global Insurance Co and said other firms, including Allied Chemical, overpaid premiums. Ford denied the charges, stating premiums were at market rates through Transcon Bermuda. Wilson claimed funds reached executives as board money and noted his history of frauds and temporary immunity.
MENTIONED IN THIS ARTICLE
Washington
UPL
Senate
Ford Mota Co
Bermuda
Philip M. Wilson
Permanent Investigations
Ford
Trans-Global Insurance Co
Wilson
Bermud
Mongolia
Moscow
Allied Chemical
New
York
New York
Ward
Boston
Trans-Global