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We do not buy
or sell
viatical contracts
(not the actual cover)
   
In sympathy
with people
from 86 nations
who lost loved ones
on 9-11 | |
Reports on Mutual Benefits Corp.
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SEC shuts down MBC:
What the Public was not told about the Receivership (05/04) |
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SEC and MBC settle
(12/02/05) |
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The politics behind the settlement: The role of
Page &
Associates (dba LifeLine Program) in the settlement between the SEC and
Mutual Benefits Corp. |
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Receiver challenges the SEC-MBC settlement, which was approved by the court
before the Receiver had a chance to examine the terms. The Receiver's challenge
questions the lifting of the asset freeze, particularly in view of divorce
between Joel and Diane Steinger which references offshore accounts. |
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Investors have until March FIRST to decide about their
investments: Sell, Keep, Surrender. Too little information upon which to base
this decision may keep many from making a choice--and that will be decisive.
Here's what you need to know (includes information to DEMAND from the MBC
receiver). |
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Mutual Benefits Corp. investors now have until APRIL 14 to return their vote
on how the policies should be handled: sold, maintained, or cashed in. The MBC
receiver extended the date from March 1, no doubt because too few people
returned the preference sheet.
If you don't vote, the decision about your
investment will be made by others. Yes, you do need more information than the
receiver is willing to give you--and you can demand it. You and thousands of
others: that is how you can have power.
For details, see our Special Report:
MBC
Receiver's Options and Policy Sales. This new
Special Report (sent to you by email) addresses
questions not answered, provides information not readily available,
explains the benefits and the risks of a Stalking Horse auction, and includes
many exhibits.
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Steven Steiner and Richard Meekins were NOT
indicted by the SEC. Florida's Sun-Sentinel got it wrong. Newspapers that copied
the story from Sun-Sentinel got it wrong. They forgot to check facts: WE know--because we checked with the
court. 02/28/06
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Miami Herald also got information wrong. This is old but we
just now did the research, in order to respond to inquiries. Miami Herald
reported in July 2005 the following: "Joel Steinger may have contributed nearly
$500,000 to fund Life Settlements International, a New York company that is
headed by Fort Lauderdale lobbyist Russell Klenet, according to the SEC and
receiver. Mutual Benefits is a former Klenet client."
The newspaper took the word of the SEC and did no research
whatsoever. Instead, they published misleading information. On the state of
Florida's Web site for corporations Life Settlements International
is shown as the new name for a company formerly domiciled in Michigan and headed by Robert Shear. This company was
registered in other states, as well. For example, Texas and California include
in their listing the previous names which include Michigan-based Accelerated Benefits Capital (not to be
confused with the LaMonda brothers company, based in Orlando, Florida), and Enhanced Life Benefits of Florida.
Although it is possible that Joel Steinger funded this company,
our research did not reveal anything to support this claim by SEC attorneys and repeated as if it were fact by the Miami Herald.
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MBC Receiver still does not understand life insurance. The
Web site for the receiver provides
wrong information.
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Peter Lombardi, president of Mutual Benefits Corp., sentenced to 20 years. Judgment does not include
restitution, the amount of which will be ordered on Jan. 30, 2007. Read the
Indictment and the Judgment.
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Dr. Clark Mitchell, who signed his name to false life expectancy reports for Mutual Benefits Corp., pleaded
guilty to securities fraud and will be sentenced on March 27, 2007. Read the
Indictment.
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| Investors will be able to pursue legal claims against three financial
institutions that handled investor money when MBC was operational.
Federal Judge Moreno, who presides over the litigation, denied a motion by the institutions to dismiss a
claim that they aided the Mutual Benefit trustee's breach of fiduciary duty. A claim against American
Express Tax and Businesses Services for aiding the fraud can proceed, but Judge Moreno dismissed a claim of
liability against Citibank and Union Planters for aiding the fraud. (03/17/07) |
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Anthony M. Livoti Jr., a Fort Lauderdale lawyer who was trustee for Mutual Benefits, is expected to be charged
for his role in the fraud perpetrated by the principles of the MBC. (07/09/07)
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Dr. Clark Mitchell, who assisted Mutual Benefits Corp. with defrauding
investors, sentenced to 10 years in federal prison. (04/07)
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Federal appeals court rules that insurers who wanted to cancel policies sold by
Mutual Benefits Corp. have no legal grounds to do so. Investors would have lost millions. (03/16/07)
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Peter Lombardi, president of Mutual Benefits Corp., sentenced to 20 years. Released on $1 million bond, prison
term to begin in April. Read the Indictment and
Judgment.
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Former director of
MBC's Isle of Man affiliate returns to viatical investment sales.
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