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Trucking Insurance Executive Admits to $14M Fraud Scheme

A California insurance broker pleaded guilty in federal court to defrauding trucking insurers through an elaborate scheme spanning multiple entities. Jasbir Thandi, 69, controlled Global Hawk Insurance Company Risk Retention Group and related firms that provided coverage to truck drivers and small trucking companies nationwide. Between 2016 and 2020, Thandi obtained approximately $14 million in fraudulent loans from Stifel Bank & Trust by falsely certifying board authorization. Most loan proceeds were diverted to Global Century Insurance Brokers, the managing general agent he owned entirely. Thandi subsequently transferred funds to shell companies he controlled, including Houston Management Consulting Inc. and offshore entities. He collected 17.5% commissions on policies sold to the insurer he operated. Vermont regulators initiated liquidation proceedings that exposed the scheme. Thandi faces sentencing on conspiracy charges related to defrauding Global Hawk and Houston General Insurance Exchange.