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In 1994, David E. Sloane was arrested in a federal grand jury investigation of insurance and mail fraud. In all, 17 people, including two Philadelphia doctors, were the focus of the investigation. As part of the scheme, Sloane and the others went to the two doctors and then used the bill to try to obtain inflated insurance settlements. Sloane pleaded guilty to one count of mail fraud and was fined $5,000, ordered to pay $10,500 restitution to the insurance companies and placed on two years probation. During the same time frame, he studied for and passed the Pennsylvania Bar Examination. Sloane, who also holds a doctorate in psychology, has resigned from the practice of law.
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