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Three Plead Guilty in $1 Billion Insurance Fraud

July 17th, 2007 by andersen_mj Commercial Insurance

Three people admitted to scamming thousands of investors in a Florida insurance scheme that netted $1 billion.Raquel Kohler, Ameer Khan, and Stephen Ziegler, executives of Fort Lauderdale, Fla.-based Mutual Benefits Corp., pleaded guilty yesterday for their roles in the scam. All three face five years in prison. Khan and Ziegler are required to pay $826 million in restitution, plus another $471 million to which Kohler must contribute.Mutual Benefits

Corp., shuttered by regulators in 2004, directed a network of agents who conned people into investing in agreements to buy life insurance death benefits for terminally ill or elderly people. MBC improperly acquired the policies and falsified documents, among other things.

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One Response to “Three Plead Guilty in $1 Billion Insurance Fraud”

  1.   Three Plead Guilty in $1 Billion Insurance Fraud by insurance.ZapiZapi.com Says:
    July 29th, 2007 at 15:29

    [...] Posted by as Uncategorized Three people admitted to scamming thousands of investors in a Florida insurance scheme that netted $1 billion.Raquel Kohler, Ameer Khan, and Stephen Ziegler, executives of Fort Lauderdale, Fla.-based Mutual Benefits Corp., … article continues at andersen_mj brought to you by insurance and conSalsita [...]

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