The former head of Louisiana’s property insurer of last resort has pleaded guilty to one count of theft by fraud. Terry Lisotta entered his plea today in Baton Rouge, where he had been scheduled for trial. Lisotta was indicted in December 2008 on 14 counts of theft. He was accused of misusing about $30,000 from Louisiana Citizens Property Insurance Corp. and two related insurance organizations. In audits conducted in 2003 and 2006, the legislative auditor alleged that Lisotta ran up more than $285,000 in questionable expenses, including lavish meals and trips, airline tickets and retirement gifts not connected to his job.
Ex-Citizens exec pleads guilty
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