Don King Indicted for Fraud Over Insurance
The 62-year-old King was charged with defrauding Lloyd's of London by submitting phony expenses and contracts from a canceled championship fight in 1991 that involved Julio Cesar Chavez, the World Boxing Council superlightweight and junior welterweight champion under contract to King, and Harold Brazier.
The grand jury said that two months before the scheduled June fight in Las Vegas, King took out a $750,000 policy with Lloyd's as insurance if the fight was canceled. Chavez's nose was subsequently cut while sparring in training, thus causing the fight to be canceled.
