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In sympathy
  with people
from 86 nations
  who lost loved ones
on 9-11

Ivan Burgos and the Viatical Ponzi

Another of the crooks involved in the viatical Ponzi known as American Benefits Services/Financial Federated was sentenced on October 4, 2001 in federal court in West Palm Beach, Florida.

Ivan Burgos, who pled guilty to criminal money-laundering was sentenced to 37 months in federal prison. Additionally, Judge Daniel T.K. Hurley ordered Burgos to pay a fine of $10,000 and $1.8 million in restitution.

The Ponzi scam collected $117 million from more than 4,000 investors in the U.S. and Europe. A small portion of the funds were used to pay interest to early investors, but most of the money was spent on luxuries for the perpetrators -- cars, jewelry, mansions, etc.

Dated 10/5/01

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