Insurance Co. Owner Sentenced for $1.8M Theft
The former owner and president of a local insurance services firm was sentenced on Tuesday to nearly three-and-a-half years in prison for stealing roughly $1.8 million through his company, Minnesota's U.S. Attorney's office said.
Dennis Lee Pap, a 44-year-old man from Lynden, Washington, was formerly the owner of Parthenon Risk Partners, which provided insurance services to agricultural cooperatives in Minnesota.
Pap was charged for his crimes in January, and he pleaded guilty later that same month to one count of wire fraud. District Court Judge Joan N. Ericksen sentenced him on Tuesday to 41 months in prison.
In addition to providing insurance services to local agricultural co-ops, Parthenon helped manage the insurance needs of two unincorporated associations-Access Insurance Association and Pillar Insurance Limited, according to the U.S. Attorney's office.
Court documents indicate that Access Insurance Association is a Minnesota-based organization formed to provide workers' compensation insurance coverage to agricultural businesses located in Minnesota.
Pillar Insurance Limited, meanwhile, is a property and liability reinsurance company based in the Cayman Islands, and it provided coverage to Minnesota's agricultural businesses.
In his plea agreement, Pap admitted that from July 2008 through December 2009, he stole roughly $1.8 million from Access and Pillar through Parthenon and deposited the money into his own bank account for personal use.