RISDIC Figure Has ParoleRevoked

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PROVIDENCE, R.I. - (01/14/05) -- The state Parole Board Thursdayrevoked the parole of convicted bank embezzler Joseph Mollicone,the central figure in the RISDIC private insurance crisis more thana decade ago. The Board agreed to send Mollicone back to prison fortwo months for violating the terms of his parole, after serving 10years in prison for his role in the collapse of the private insurerknown as Rhode Island Share and Indemnity Corp. Mollicone willremain locked up now until March, and will also have time served onparole since 2002 erased. Molicone served 10 years of his 30-yearprison sentence for embezzling $12 million from Heritage Loan andInvestment Co., triggering the 1991 failure of the thrift'sinsurer, RISDIC, along with almost 30 credit unions also insured byRISDIC.

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