Only a week after he pleaded guilty to federal racketeering charges in Connecticut for stealing assets from insurance companies he controlled, financier Martin Frankel pleaded guilty to similar charges in a county court in Mississippi May 24.
Frankel, 47, admitted in Hinds County Circuit Court in Raymond, Miss. to nine counts of mail fraud, one count of conspiracy and one count of making false statements and representations, state Attorney General Michael Moore reports. Frankel faces up to five years in prison on each count, plus fines.
State Circuit Judge L. Breland Hilburn put off sentencing for a year as part of a plea agreement with state and federal prosecutors, according to Moore. As he did in federal court a week earlier, Frankel agreed to cooperate with authorities in their criminal investigation as well as in recovering the missing assets.
“The criminal investigation is ongoing, and additional charges are expected to be filed against other co-conspirators,” Moore says.