Spotlight: Normandy America Chief Pleads Guilty to Fraud

The chairman of Omaha reinsurer Normandy America Inc. pleaded guilty to fabricating his money management success to lure investors to an aborted initial public offering last year. At a hearing in New York federal court, Christopher Bagdasarian, 31, of Santa Barbara also pleaded guilty to defrauding Chemical Bank of $24 million by overstating his net worth in order to get bank loans. He faces a maximum of 30 years in prison for bank fraud and other charges. Sentencing was set for April 29.