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Royal Bank of Canada

Founder of Baltimore County insurance company arrested

Founder of Baltimore County insurance company arrested

The founder of a Baltimore County insurance company was arrested Wednesday in connection with an alleged scheme to make it appear that the firm — now being liquidated by a Delaware court — had millions of dollars in cash it did not actually possess.

Jeffrey Cohen, 39, former CEO of nightclub and bar insurer Indemnity Insurance Corp., was indicted by a federal grand jury Tuesday on charges of making false statements to an insurance regulator. The indictment was unsealed Wednesday as government agents raided his house in Reisterstown.

An attorney who has represented Cohen in the past could not be reached for comment.

The charges relate to Cohen's claim to Delaware...