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In order to pay the premiums on the policies, Equity Funding created additional bogus policies that they would also sell. Sometimes they would claim the bogus policyholder died and then receive the death benefits from the reinsurance company. [3] The company's stock was over $28 per share on March 9, 1973.
The Billion Dollar Bubble is a 1976 film made for the BBC series Horizon and directed by Brian Gibson about the story of the two-billion-dollar insurance embezzlement scheme involving Equity Funding Corporation of America. The movie stars James Woods in the role of the actuary. It was broadcast in Britain on 8 November 1976. [1]
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The company already lost over $45 billion worth of market capitalization because of the scandal. Investigations also discovered over a $1 billion worth of errors in accounting transactions. The New York Attorney General's investigation led to a $1.6 billion fine for AIG and criminal charges for some of its executives. [ 122 ]
Capital Group is an American financial services company. It ranks among the world's oldest and largest investment management organizations, with over $2.6 trillion in assets under management . Founded in Los Angeles , California in 1931, it is privately held and has offices around the globe in the Americas , Asia , Australia and Europe .
Operation Broken Trust included cases that were investigated already during the Bush administration or before the formation of the task force, and many were well on the way to completion before the sweep began. [4] [5] Also, the mixing of criminal cases and civil cases led to overlap and double counting in the number of defendants, victims, and ...
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
Its founder Robert F. Smith reached a non-prosecution agreement with the United States Department of Justice, agreeing in October 2020 to assist the DOJ in a case against Brockman who was charged that month with what the DOJ called the "largest ever" tax fraud scheme by a U.S. citizen, and to pay a fine of $139 million.