Feb 25, 2010 09:45AM

Wisconsin Billed aimed at Life Settlement Fraud

Senate Bill 513 is aimed at helping prevent Life Settlement Fraud in Wisconsin. Currently the industry is unregulated in Wisconsin, which opens the door for fraud and abusive sales practices. Not to say that all life settlements are fraudulent ? they certainly are not. AARP members fall into the age category where abuse typically occurs, which [...]

Feb 09, 2010 09:01AM

Florida man arrested for Life Settlement related fraud

A two-time felon who Heritage Christian Schools officials say defrauded the school has been arrested in Florida on insurance fraud charges involving about $500,000. Just before his arrest Monday, Richard Incandela, 57, attempted to solicit $528,000 from an undercover insurance investigator “to purchase life insurance policies not in existence,” according to an arrest affidavit filed in [...]

Feb 02, 2010 07:39AM

FSA slams Keydata founder

Here are some tidbits from the release: The Financial Services Authority (FSA) has warned of a liquidity gap at the heart of Keydata?s Defined Income Plans and accused the firm?s founder Stewart Ford of trying to mislead its investigators over £4 million paid to him by the business, court documents reveal. The problem uncovered by the FSA [...]

Jan 08, 2010 02:48PM

Wyoming Man Charged with Securities Fraud

A Wyoming man was charged with 19 counts of securities violations for allegedly defrauding more than a dozen investors in the state for selling them promissory notes purportedly backed by life settlements, according to The Billings Gazette in Montana. Ronald George Spomer Jr. has been charged with selling unregistered securities, engaging in fraudulent securities practices and [...]

Dec 09, 2009 12:08PM

Lawsuit over AIDS patient?s life insurance policy settled

I feel you would see a lot more settlements like this if the majority of the groups and funds that were accussed of this type of fraud weren’t out of business or bankrupt. – A Pentecostal pastor who bought a portion of the life insurance policy of an AIDS patient and Life Partners Inc., the Waco-based company [...]