In Caminetti v. Imperial Mut. L. Ins. Co. (1943) 59 Cal.App.2d 476, the officers of an insurance company entered a nolo contendere plea and were convicted in federal court of a charge of defrauding the United States. In proceedings under the Insurance Code, the Commissioner attempted to introduce the federal conviction as conclusive evidence of fraud justifying the seizure of the company's assets. The court ruled the conviction inadmissible since it was based on the nolo contendere plea. The nolo contendere plea was held to be an arrangement between the defendant and the court to expedite the criminal proceedings; thus the conviction obtained on the plea "... by reason of the agreement underlying it, must in all good conscience, fairness and equity be held to be a conviction for the limited and agreed purposes of that proceeding... and for no other purpose." ( Caminetti, supra, at p. 492.) The Caminetti court refused to distinguish between the plea of nolo and the conviction based on the plea.