Posted: Mar 22, 2010 11:48 AM by Melissa Canone
Updated: Mar 22, 2010 11:48 AM
BATON ROUGE, La. (AP) - 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 Monday in Baton Rouge, where he had been scheduled for trial. Sentencing was set for April 23. State District Judge Richard Anderson is expected to sentence Lisotta to 30 months in prison at hard labor. 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.