MUSKOGEE — The government’s civil case against former state Sen. Gene Stipe, 83, for selling title insurance as a convicted felon has been settled for $100,000.
The government filed a civil complaint against the McAlester Democrat in August 2008 alleging that Stipe had legal liability for engaging in the insurance business after being convicted of a felony involving dishonesty and breach of trust.
The permissible measure of damages could have been the profit Stipe derived from violating the statute. Or it could have been $50,000 for each violation or insurance policy sold, which was computed at $105 million, which conceivably could have wiped out or compromised Stipe’s personal wealth.
Stipe denied the allegations but agreed to pay the $100,000 to avoid further litigation, according to a stipulation filed in the case.Click here to read the complete article at Tulsaworld.com