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Argo Group International Holdings, Ltd.: $900K Fine

Administrative Order imposing a $900,000 fine on Argo Group International Holdings, Ltd., a Bermuda-domiciled provider of insurance and reinsurance whose shares are listed on the New York Stock Exchange, for failing to disclose "over $5.3 million" in perquisites to Mark E. Watson III, its former CEO, president, and director, before the U. S. Securities and Exchange Commission.
DOCUMENT.PDF

File Size: 242.15 KB

Pages:

7

 

Plaintiff(s)/Applicant(s):

U. S. Securities and Exchange Commission

 

Date:

June 04, 2020

Sector:

Insurance;Public Companies;Regulatory;Securities & Investment

 

Defendant(s)/Respondent(s):

Argo Group International Holdings, Ltd.

 

Case Number:

Xx Xx Xx


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1 COMMENTS

  • Kipton
    By Kiptonon Tuesday, June 9, 2020 1:19:24 PM

    For your information. Mr. Watson's personal chariot was a Gulfstream 5, registration N17ND, serial number 518. It is now for sale and or lease for $175,000 a month which is the same monthly rate Mr. Watson was presumably using shareholder monies to make this payment from 2016 through 2019. The airplane was "ditched" in Chicago on the day of the SEC subpoena. Note this aircraft has an hourly reserve of $1,200 per flight hour as well. Mr. Watson's monthly payment was an easy $250,000 a month based on the number of hours it flown according to flightaware.com. Note you can request the flight hours from flightaware.com for a fee. It is owned by Jetaway Air Service, located in Muskegon, MI. Mr. Watson was leasing aircraft under another company name Argonaut. Mr. Watson was also paying Paradigm Jet Management a monthly of $5,000 to manage the plane, again presumably with the use of Argo money which is the basis of the SEC complaint. This does not include fuel, crew, insurance, airport fees, and catering. Note. Jetaway Air Service and Paradigm Jet Management are located in the same building and share the same offices in Muskegon, Michigan

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