Stradley Wins Fraud Trial for Federal Insurance

Stradley secured a victory for Federal Insurance Company following a four-day trial in a fraud and civil conspiracy action in the U.S. District Court for the Eastern District of Virginia. The jury found Michael LoCash, the former chief financial officer of Bank @Lantec in Virginia Beach, Virginia, liable for fraud and awarded Federal Insurance Company monetary damages to cover the bank's losses stemming from LoCash's purchase, on behalf of the bank, of phony CDs from an outside broker who was running a Ponzi scheme.


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