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Kenneth MacKay, a former senior vice president of Willis Group Holdings Ltd.'s Vermont-based captive management operations was arrested for embezzling and stealing more than $2.2 million, the Business Insurance reported March 4, citing authorities with the U.S. Attorney's office in a statement.
Kenneth MacKay, a former senior vice president of Willis Group Holdings Ltd.'s Vermont-based captive management operations was arrested for embezzling and stealing more than $2.2 million, the Business Insurance reported March 4, citing authorities with the U.S. Attorney's office in a statement.
MacKay, who was fired in February, allegedly stole money from Willis Management (Vermont) Ltd. and its clients to sponsor five college savings plans for his children and to purchase a home and a condominium, the publication reported, citing the attorney general.
The accused allegedly created a shell company in order to divert money he controlled at the company, the report said. After discovering financial irregularities, Willis launched an internal investigation. At present, the company is collaborating with federal law enforcement authorities to resolve the case, the report said, citing a Willis spokeswoman.
MacKay was released on the condition that he must surrender his passport, the newspaper reported, citing the authorities.
Copyright SNL Financial LC Mar 10, 2008