A former insurance executive from Little Rock has been indicted by a federal grand jury on two counts of embezzlement, according to a news release from the office of the U.S. attorney for the Eastern District of Arkansas.
John Mathis Lile III, former president of Cosmopolitan Life Insurance Co. and former president and CEO of Advanced Insurance Brokerage of America Inc., is charged with using a company-issued credit card to charge personal expenses of more than $300,000 over a three-year span, according to U.S. Attorney Christopher R. Thyer.
The Little Rock-based companies manage self-insurance health-care plans for small businesses around the state.
“When health care companies are victimized, the shock waves extend far beyond office walls and negatively impact the lives and well being of individual policy holders,” Thyer said in the news release.
Lile faces a sentence of up to 10 years for each count.
The investigation was conducted by the FBI and the U.S. Department of Labor, the news release said.
Arkansas, Pages 13 on 04/04/2013