Viatical & Life Settlements
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(not the actual cover)

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

Texas Indicts Sellers 

of American Benefits Services Viatical Ponzi

A Texas grand jury indicted a number of people responsible for defrauding thousands of investors, many of whom are seniors. Texas residents paid $19 million for these bogus investments.

Ronalee Levy Orlick, daughter of co-mastermind Raphael "Ray" Levy, was vice president of ABS. She was charged with fraud and sale of unregistered securities. She faces up to 99 years in prison, if convicted.

Levy and 12 others were indicted in Texas in 1999 and 2000, and either pled guilty or were convicted.

Also indicted:

Ihor "Gary" Humesky, President, U.S. Investors Group, Inc., of Clearwater, Florida

Montgomery Lee Merrell, owner, CMI Financial, Fort Worth, Texas

Sharon Jane Hutchingson, Fort Worth, Texas

Kenneth Dale Ledford DBA Cornerstone Financial, Arlington, Texas

Dated: 9/18/01

 

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Viatical Litigation: Principles & Practice - the first legal text on the industry
Viatical & Life Settlements: An Investor's Guide
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