Insurance tycoon held without bond

January 04, 1991

DALLAS — DALLAS--Former Dallas insurance tycoon Robert Walker, who was extradited from Barbados last month after a two-year search, will face 48 federal charges of wire and mail fraud from behind bars.

U.S. Magistrate William Sanderson yesterday denied bond for walker, 60, who is accused of stealing $50 million from National County Mutual Fire Insurance Co. and transferring $9.1 million in company funds to a swiss bank account.

Walker fled the united States in late 1988 as his auto insurance company crumbled amid a state investigation of misuse and misapporiation of insurance premium reserves.

He was arrested in July in Barbados, where a court ordered him to return to the United States to stand trial.

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