Accelerated Benefits Corp. (aka ABC Viatical)

Events are listed from earliest to latest:

  • Florida busts Accelerated Benefits Corp.(7/99)
  • Accelerated Benefits Corp.’s license is revoked by Florida regulators (8/30/99)
  • Oklahoma issues permanent injunction against ABC and its local sales agent
  • Life Benefit Services (ABC’s sister company) charged with fraud
  • Ties that bind: ABC and Life Benefit Services
  • ABC had ties to Michael Davis, paroled murderer who ran Southwest Viatical (04/00)
  • ABC charged with fraud, several brokers implicated (7/3/00)
  • ABC relocates business to Texas, establishes subsidiary in Georgia
  • ABC admits (and excuses) fraud (privately)
  • ABC, Keith LaMonda, and the Texas fraud case
  • Ohio issues enforcement orders against ABC and its agents (4/01; 11/01)
    • Orders sent to ABC’s Texas address
  • Kansas issues enforcement orders against ABC (05/01)
  • Florida revokes Accelerated Benefits Corp.’s license due fraud (2/01)
    • 31-page complaint includes names of brokers who sold “clean-sheeted” policies to ABC including:
      • Medical Escrow
      • Washington Viatical Network
      • Benefits America
      • Cash for Life
      • Life Benefit Services (of course!)
  • Investors get letters from ABC charging them for premiums (00/01)
  • Oklahoma Dept. of Securities charges ABC with fraud and other violations; wins case against ABC (3/13/01)
  • Some investors get letters from State of Florida notifying them that ABC’s license was revoked (4/27/01)
  • Accelerated Benefits Corp. raided by FBI and Dept. of Justice (5/01); boxes of records hauled away
  • Virginia goes after ABC and related entities (7/01 – 12/01)
  • Kansas charges ABC with securities violations
    • Includes other names under which Accelerated Benefits Corp. operates: “ABC Viatical” and “Viatical Consulting Group” in TX and GA
    • Watch out for contestable policies, also called “non-conforming.”
  • Louisiana holds hearing for Accelerated Benefits Corp. (01/02)
  • Clarence Keith LaMonda’s mortgage foreclosed by Residential Finding Corp. Other defendants include his wife and his tenants
  • ABC loses: Appeals Court upholds license revocation (02/27/02)
  • Oklahoma takes over investments from Accelerated Benefits Corp. (2/02)
    • Appoints conservator Tom Moran, who heads another life settlement company
    • Conservator plans to resell investments to new viatical companies (12/02)
  • ABC loses its appeal; Florida district appeals court upholds license revocation by dept. of insurance (02/27/02)
  • Wisconsin orders ABC and Jess LaMonda to stop violating securities statutes (10/02).
    • Specific note is made of contracts that state investors will never have to pay another dime, but investors now are required to pay insurance premiums.
  • Oklahoma court OKs sale of policies to newly created viatical companies. Low sales price worries investors. LaMonda protests the sale. (12/02)
  • Pennsylvania issues orders against Accelerated Benefits Corp. and Services International Corp. (01/30/03) Details include:
    • Investment sales of Life Agreements claim investors will receive a “125% Bonded Guaranteed Growth” on a minimum investment of $25,000.”
    • Orders include that ABC failed to inform investors about
      • SEC charges against Keith LaMonda
      • Ohio orders against ABC
      • Kansas orders against ABC
      • revocation of viatical license by Florida department of insurance.
  • Texas securities commission raids ABC Viaticals, Inc. (04/24/03)
  • USA v. C. Keith LaMonda, Jesse W. LaMonda, and John L. Maynard (07/13/05)
    • Read the original Indictment and the Superseding Indictment.
    • 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 dollar bail, their former partner, ex-lawyer John Maynard, remained free on $50 thousand bail.
    • Sentencing scheduled for May 17 rescheduled for July 10, 2007. The Presentence Investigative Report by the Department of Justice, a total of 94 pages each for Jesse LaMonda and for C. Keith LaMonda, recommends life sentences.
    • Sentenced on December 17, 2007

Other Events

  • ABC in the media (partial list):
    • Jane Bryant Quinn, nationally syndicated financial journalist  used  ABC as an example in her 10/16/97 column, Viatical Vices: Hidden Risks in Life Insurance Deals (Washington Post and Newsweek).
    • Death Watch, Kiplinger’s Personal Finance, March 1999
  • ABC files 2 SLAPP lawsuits against Gloria Wolk and Bialkin Books (also files suit against Kiplinger’s, and threatens suit against Ralph Nader)
    • ABC v. Wolk and Bialkin Books
    • About SLAPP lawsuits
    • ABC’s attorneys quit(but they deny this)
      • And so we offer proof  –  the document filed by the LaMondas’ attorneys. No charge to view it, but please email us your request.
    • ABC principals, “Dr. Jess, Ed.D.” and Clyde Keith LaMonda, file 2d SLAPP Florida lawsuit against Gloria Wolk and Bialkin Books — this time in Orange Cty., Florida
    • “Dr. Jess, Ed.D.”and C. Keith ambush Gloria Wolk, ask judge to ban her books and shut down her web site (06/00)
    • Wolk’s attorney gets both SLAPP suits by the LaMonda’s dismissed.
    • Court orders ABC to pay Wolk’s attorney, Eric Stettin, $34,000 for legal fees and expenses.
  • NOTE: Underlined words lead to documents or Special Reports you can order (when the website is finished being updated).