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Florida investigates alleged cleansheeting |
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MBC fights search warrant |
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Indiana issues cease and desist orders for investment sales |
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MBC denied California viatical license |
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California investigates MBC links with Viatical Benefactors |
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Washington issues cease and desist orders for investment sales (08/99) |
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MBC media release claims its reputation is "untarnished" |
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Minnesota investor pursues lawsuit against MBC |
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CBS sues MBC for misuse of the "60 Minutes" segment on viaticals |
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Florida imposes $10 thousand penalty on MBC based on complaint that it balked at keeping an
agreement with a customer (02/00) |
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Florida regulators find fraud at MBC (05/19/00) |
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Alaska v. MBC
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MBC fined, ordered to cease and desist investment sales |
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Securities regulators warn, "Be extra careful of any approach by Mutual Benefits - a
viatical interests sales company - they may be selling fraudulently obtained policies. The company has not
registered with us as required, but that doesn't mean the wouldn't try to sell. So far we have only one case
of Mutual Benefits selling in Alaska and that has been satisfactorily concluded." |
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Sales agents sue MBC, Steinger |
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Court rules against MBC and attorney Anthony Livoti Jr. for buying death benefits of
employer term insurance. |
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Virginia v. MBC and agents |
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MBC's Dr. Mitchell charged with fraud (03/01) |
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Vermont orders MBC to halt investment sales. (05/29/01) |
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Kansas securities commission charges agents who sold viatical investments for MBC (11/01;
12/01) |
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Ohio orders MBC and the local agent to cease investment sales (01/02' 04/02) |
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Virginia v. MBC--Court grants 3d request by MBC for extension of time to comply with
Virginia's settlement order. (06/27/02) |
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Medicaid fraud at clinic tied to MBC (08/02) |
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Is MBC running scared? In their SLAPP lawsuit against Gloria Wolk and Bialkin Book they ask
the court to prohibit Wolk from ever mentioning their name in word or print, and to extend this censorship to
anyone associated with her in the past, present, or future. The category of ATTORNEYS is specifically
mentioned in the ban request. (MBC suspects that Wolk has assisted attorneys who represented victims of MBC.)
2003 |
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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 the claim made 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 these 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) |
