Former Root Insurance Exec Pleads Guilty to Defrauding Company of More Than $10 Million

Defendant used stolen funds to buy a yacht, amphibious plane, and luxury vehicle.

Brinson Caleb Silver, 43, the former Chief Marketing Officer of Root, Inc., the online car insurance company, pleaded guilty in a U.S. District Court in Ohio on November 28 to one count each of wire fraud and contempt of court. As part of his guilty plea, Silver agreed to pay more than $10.2 million in restitution.

In January, CollisionWeek reported that Root had disclosed in filings with the Securities and Exchange Commission that the company had launched an investigation into marketing payments made by Silver.

According to