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Frankel Pleads Guilty

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NU Online News Service, May 15, 6:33 p.m. – Martin Frankel, a jailed financier accused of bilking seven life insurers of more than $200 million, today pleaded guilty to 24 federal counts of wrongdoing at the U.S. District Court in New Haven, Conn.

The charges included conspiracy, racketeering and wire fraud, according to federal officials.

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Frankel could be sentenced to more than 100 years in prison, but officials say the sentence could be much lighter if Frankel helps recover the missing money.