U.S. Attorney Sheldon Sperling has filed a complaint against former state Sen. Gene Stipe accusing him of illegally running an insurance company.
Sperling says Stipe was barred from the insurance industry because of felony convictions for federal campaign violations and perjury.
Sperling says Stipe held an ownership interest in Corporate Financing Group which was the parent company of American Land and Aircraft Title Company.
He says that company was the underwriter for insurance policies sold through abstract companies owned by Stipe and others.
Stipe is in the custody of the U.S. Medical Center for Federal Prisoners in Springfield, Mo., for a mental evaluation.
