Wall Street Fraud
Managers at Mutual Benefits Corp. Pleaded Guilty
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Editor: Debra G. Speyer, Esq.
Profession: Attorney
Category: Fraud in the News
Mutual Benefits sold viatical which are investment interests in life settlement. Investors would buy interests in life insurance companies at a discount from terminally ill or elderly people in need of cash and would collect the benefits when the insured died. Mutual Benefits Corp. was closed in May 2004 by Federal Regulators.
One of the Managers, Carol Triana admitted to acquiring the insurance policies, knowing that the sales agents were misleading investors. The Managers have agreed to payback investors $830 million in restitutions and plead guilty to securities fraud. The question to ask is if these two Managers have such funds to payback investors.
Defrauded investors should consider bringing lawsuits against the sales agents who sold these investments to them. I am representing several families in a lawsuit against the brokerage firm that sold these investments to them.
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