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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 | |
Viatical Fraud
Convictions
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USA v. C. Keith LaMonda, Jesse W.
LaMonda, and John L. Maynard (07/13/05)
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GUILTY March 7, 2007, after more than 80 days in trial and 8 days jury deliberation. Keith
released on $1 million bail, Jesse released on $100 thousand bail, their former partner, while their ex-lawyer
and partner John Maynard, remained free on $50 thousand bail. |
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Sentencing scheduled for July 10, 2007. The LaMonda brothers, who defrauded thousands
of investors through their Florida company, Accelerated Benefits Corp., and their Texas company, ABC
Viaticals, face possible life sentences. |
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Read the original Indictment and the Superseding Indictment. |
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Peter Lombardi, president of Mutual Benefits Corp., sentenced to 20 years. 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, sentenced to ten years in prison. (March 27, 2007) Read the
Indictment.
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Dale Francis, 56, who bilked investors out of $15 million when he ran
Heritage Financial,
an affiliate of Alpha Captial Group, was
sentenced to 12 years in prison. (12/02/05) By comparison, Anne DiLeo of Alpha
was sentenced to 34 months and was released after 18 months.
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LifeTime Capital Inc.
principals, David W. Svete and Ron Girardot sentenced: Svete to 16 years
and 8 months in federal prison and Girordot to five years. (06/05)
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Larry Tyler (Advanced Financial Services, associated with
Trade Partners Inc.)
sentenced by federal court in Texas to 8 years (05/19/05)
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Carmen Palmieri (National
Medical Funding) sentenced to 30 years by state court in San Diego,
California (01/14/04)
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Roger Sande,
California sales agent for Liberte Capital
Group sentenced to 7 years and 4 months in state prison. (11/03) Released in 2006, after less than
three years.
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J. Richard Jamieson (Liberte
Capital Group) sentenced to 20 years in federal prison. (11/01/03)
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Stephen Keller and other principals of
Kelco sentenced by federal court in Kentucky
to terms ranging from 12 to 14 years (8/03)
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Leroy Walton, a Georgia viator who cleansheeted an estimated 20
policies that were resold to investors by Alpha
Capital, was sentenced by federal court to 30 months. Most viators in other
states were sentenced to probation, including Peter Barbosa of California who
cleansheeted an estimated 30 policies that were bought by many viatical
companies and resold to unsuspecting investors.
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Charles "Chuck" Cole of California, manager of Genesis
Viatical, an affiliate of Kelco Companies, was sentenced by the
federal court in Kentucky court
to 18 months. (04/03)
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James Capwill CPA sentenced to 12 years in
federal prison. (03/17/03)
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January 29, 2001. Sentencing took place in the U.S. District Court, Eastern
District of Tennessee, Chattanooga, for several insurance agents and viators who
obtained $15 million worth of fraudulent life insurance policies later sold to
investors by Alpha Capital Group. As of October 2000, 11 defendants pled guilty.
Maximum penalties are
five years imprisonment for mail fraud, 10 years imprisonment for money laundering. These
individuals who pled guilty and received the following sentences:
| Debra Jean Tyndall,
45, of Tennessee, charged with using her position as an insurance agent to assist AIDS
patients in obtaining fraudulent life insurance policies. Tyndall was said to have
substituted the saliva of healthy individuals when saliva tests were required of insurance
applicants. Sentenced to 21 months in prison and 2 years of supervised release.
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| David Len Morrison -
24 months in prison, 2 years probation
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| Chad O. Wilbanks, 37,
of Chattanooga, pled guilty to mail fraud and money laundering: 21 months in prison, 2
years probation
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| Paul C. Hamby - 18
months in prison, 3 years probation, AND restitution of $58,150
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| Bret Douglas Adams,
36, of Chattanooga, pled guilty to mail fraud and money laundering: 18 months in prison, 3
years probation
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| Floyd Phillip Barrow,
39, of Chattanooga, solicited AIDS patients: 13 months in prison, 2 years probation
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| Robert Angle - 6
months home detention, 3 years probation
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| Bryan Whisnant - 6
months home detention, 3 years probation
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Ed. note: Please see
editorials "AIDS and Fraud,"
and "Viatical Frauds'
Other Victims."
Other perpetrators of
fraud who were charged and/or convicted are listed under
Fraud Busts, either with the names of
their companies or on the lists of
Companies on the Hot Seat.
To find, use our search engine:
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