US AUTHORITIES SEIZE HOME OF FRANKEL ASSOCIATE

Federal marshals in Tennessee have seized the $515,000 home of John Hackney, president of locally based Franklin American Corp, alleging that the house was purchased with funds embezzled by fugitive financier Martin Frankel. Mr Hackney also served as the sole trustee of Thunor Trust, the owner of the seven insurers from which Mr Frankel is accused of swindling more than $200m. According to an affidavit filed with the Federal Bureau of Investigation, Mr Hackney received the house as a bonus. He has long claimed to have been unaware of Mr Frankel’s activities and has not been charged with any crimes related to Mr Frankel’s case. Mr Frankel is being held in a German prison as he fights extradition to the US.