Columbia, South Carolina ---- United States Attorney REGINALD I. LLOYD stated today that former Insurall Casualty Group owner and president JAY MORRIS SPECTER, age 51, of Columbia, was sentenced May 31, 2007, to 42 months in federal prison for altering and diverting commercial checks totaling more than $498,000.00. United States District Judge Terry L. Wooten also ordered Specter to make full restitution.

In December 2001, Specter obtained a $5 million loan to build a call center for Insurall in Hemingway, South Carolina. The lender agreed to finance construction with two-party checks made payable to Specter and each contractor involved in the project. Specter was to endorse each check and deliver it to the contractor named on the check as payment for construction work. Instead Specter altered five of the checks totaling more than $498,000 and deposited them into his account for his own use.

The case was investigated by agents of the Federal Bureau of Investigation and the S.C. State Law Enforcement Division. Assistant United States Attorney Winston D. Holliday, Jr., of the Columbia office handled the case.