Viatical & Life Settlements
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Beneficial Assistance hit by Colorado Division of Securities

Maryland-based Beneficial Assurance, d/b/a Beneficial Assistance, and its cohorts were ordered to stop doing business in Colorado.

Charged with the fraudulent sale of nearly $1 million in viatical interests, the orders issued by Colorado also name Fidelity Assurance Associates LLC of Virginia, Nevada-based Nationwide Consultants Inc., and several individuals including Richard Guilford and Brad C. Thompson, principals of Fidelity.

Also named were Eric Ager, Robert Broege, and U.S. Financial Resources, Inc.

Some of the parties previously were involved in the sale of fraudulent viatical interests issued by American Benefits Services/Financial Federated. This was a multimillion dollar viatical Ponzi scheme.

The current orders result from a Show Cause hearing held in June 2002 (Case No. 02-CD-04).

Beneficial also has been ordered to stop selling viatical interests by securities commissions in Tennessee and Kentucky. Although the company sells in Connecticut, no state agency has taken any action to prevent losses to Connecticut residents.

Washington issued orders against Beneficial Assistance and Imtek Corp. in December 2001. That state also levied fines, demanded restitution to 45 investors of $1,177,831, and levied other financial penalties.  Their investigation revealed that

For more information, see our Special Reports on Nationwide Consultants, Beneficial Assistance, and American Benefits Services.

Dated November 14, 2002

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