A Tennessee attorney has been sentenced on Mississippi charges in the Martin Frankel scam. Attorney General Mike Moore announced the sentencing of John Jordan for his reported role in the Frankel insurance scam.
In April 2001, Jordan pleaded guilty to state charges of conspiracy to commit communications fraud and making fraudulent statements to the Mississippi Department of Insurance.
Hinds County Circuit Court Judge Bobby DeLaughter sentenced Jordan to serve five years and was fined $5,000.00. Jordan’s state
sentence will run concurrent with the 67 month federal sentence he received in the United States District Court of Connecticut in a parallel case.
Also, as part of the federal sentence, Jordan was ordered to make restitution in the amount of $208 million which includes the money taken from the Mississippi insurance companies.
Jordan’s conviction resulted from him reportedly setting up the Thunor Trust and subsequently providing legal assistance to the Thunor Trust and its subsidiary holding companies and insurance companies, conspiring with Martin Frankel, a money manager from Greenwich, Conn., and others to fraudulently conceal from the Mississippi Department of Insurance Frankel’s affiliation with the companies and his control of the assets of the companies.
After the acquisition of the insurance companies, the cash reserve assets of the companies were reportedly transferred to Frankel’s control with Jordan’s knowledge, and Frankel would convert the cash
reserve assets to his personal use and to the benefit of others, including Jordan.
In addition to his creation of the Thunor Trust, Jordan reportedly actively concealed Frankel’s ownership and control of the three insurance companies from state regulatory authorities, including the Mississippi Department of Insurance.
Mississippi’s Commissioner is reported to be presently vigorously pursuing the assets of these companies and has filed numerous lawsuits to recover these assets. In addition, the Commissioner is
still evaluating all the parties involved with Frankel to determine what role, if any, they may have played in the theft of this money.
Jordan is the second defendant to be sentenced in Mississippi as a result of his activities with Frankel.
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