Global Hawk Insurance Company Risk Retention Group (Global Hawk) President and Treasurer Jasbir S. Thandi has pled guilty to two counts of conspiracy to commit insurance fraud. According to the Justice Department, Thandi faces a maximum statutory penalty of five years in prison and a $250,000 fine for each count of conspiracy to commit insurance fraud. Co-defendants Sandeep Sahota, Jaspreet Padda, and Gunjan Aggarwal all previously entered guilty pleas to the same charges.
The initial indictment was filed on November 16, 2023, and unsealed on December 19, 2023. Global Hawk, a Vermont-domiciled RRG, was placed into liquidation by the Vermont Department of Financial Regulation (Vermont DFR) in June of 2020.
Thandi was also the president of Global Century Insurance Brokers (GCIB), a California-licensed insurance broker that was the managing general agent for Global Hawk.
“GCIB sold, wrote, and issued insurance on behalf of Global Hawk in the State of California as well as other states. GCIB received an approximately 17.5% commission on each insurance policy it sourced on behalf of Global Hawk. GCIB focused on insuring truck drivers, many of whom worked and resided in the Northern District of California,” as per the indictment.
Regarding the conspiracy to commit insurance fraud, the indictment stated that Thandi, Sahota, and Padda (the Defendants) “agreed to and did cause to be submitted false Global Hawk financial statements to the Vermont DFR” through its captive manager, identified as Witness 1. The indictment states these false financial statements “significantly and materially overstated Global Hawk’s assets and concealed the fact that Global Hawk was insolvent” with the purpose of continuing to allow Global Hawk to operate as a Vermont-domiciled insurance company. These actions began no later than May 2018.
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