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Mutual Benefits Corporation was a Ft. Lauderdale, Florida based investment sales company that operated a huge ponzi scheme selling viatical settlements, with investors losing an estimated $835 million. The principal ring leader of the scam was Joel Steinger.
The con relies upon the truth that commercial lending and insurance, despite third-party appraisals and due diligence research, are based ultimately on trust between lender and borrower. The function of the scam is simple -- the grifters generate phony documents that show the applicant borrower meets or exceeds capital liquidity requirements ...
According to our recent “Keep Your Money Safe” survey, when victims of financial scams were asked what type of scam they had experienced, 27% said they had been the victim of phone scams ...
Insurance fraud refers to any intentional act committed to deceive or mislead an insurance company during the application or claims process, or the wrongful denial of a legitimate claim by an insurance company. It occurs when a claimant knowingly attempts to obtain a benefit or advantage they are not entitled to receive, or when an insurer ...
Phony Contacts: Scammers impersonate legitimate insurance companies or agents through phone calls, emails or mail to convince individuals to purchase fake policies. Victims may pay premiums for ...
The internet has made it easier than ever to shop for and buy life insurance, but this added convenience requires a bit of caution. Criminals are out there committing life insurance fraud, and if
The company went public in 1964. By 1972, it was one of the ten largest life insurance companies in the United States, as well as the fastest growing one, with (claimed) assets of $500 million. [2] The company created more than 60,000 bogus life insurance policies that it sold to reinsurance companies for a fee.
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