Published: Sep 09, 2010 4:04 PM EDT
Updated: Sep 09, 2010 1:05 PM EDT

TALLAHASSEE, Fla. (AP) - Two South Florida insurance executives have been charged with eight first-degree felony counts each after an extensive fraud investigation.

Florida Chief Financial Officer Alex Sink announced the arrests Wednesday of Luis M. Espinosa and Rene M. Cambert.

They are charged with filing false or misleading financial statements for First Commercial Insurance Co. and an affiliate with the Florida Office of Insurance Regulation.

Espinosa was president and CEO of the companies. Cambert was vice president and chief operating officer. The two companies were ordered into receivership for liquidation last year.

Each felony count carries a maximum sentence of 30 years in prison.