http://www.lifesettlementfraud.com Life Settlements Fraud Wed, 28 Jul 2010 13:11:46 +0000 http://backend.userland.com/rss092 en Lifemark investors could be forced to rely on the Financial Services Compensation Scheme (FSCS) to bail them out as talks between the troubled life settlement vehicle and CarVal Investors collapse. US hedge fund CarVal has walked away from a £40 million restructuring deal which would have seen 25,000 Lifemark investors repaid ... http://www.lifesettlementfraud.com/lifemark-and-carval-deal-looks-like-it-wont-happen/ [caption id="attachment_86" align="alignleft" width="125" caption="Florida Insurance Agent Arrest"][/caption] A Florida insurance agent was arrested on numerous counts of alleged fraud and grand theft in connection with a stranger-originated life insurance (STOLI) scheme involving $78 million in death benefits, according to the Florida Department of Financial Services. Steven Brasner of Infinity Financial Group ... http://www.lifesettlementfraud.com/florida-insurance-agent-arressted-in-stoli-scheme/ [caption id="attachment_83" align="alignright" width="220" caption="Keydata Lifemark"][/caption] Keydata Lifemark clients wait for restructure plan Thousands of Keydata clients with life settlement products invested with Lifemark face a further wait to discover if they will recover their money as the company’s directors continue to work on a restructuring plan. Lifemark announced on March 2 that ... http://www.lifesettlementfraud.com/keydata-life-settlement-clients-wait-for-plan/ [caption id="attachment_79" align="alignright" width="230" caption="Wisconsin Life Settlement Bill"][/caption] Senate Bill 513 is aimed at helping prevent Life Settlement Fraud in Wisconsin. Currently the industry is unregulated in Wisconsin, which opens the door for fraud and abusive sales practices. Not to say that all life settlements are fraudulent – they certainly are not. ... http://www.lifesettlementfraud.com/wisconsin-billed-aimed-at-life-settlement-fraud/ [caption id="attachment_76" align="alignright" width="199" caption="Richard Incandela"][/caption] A two-time felon who Heritage Christian Schools officials say defrauded the school has been arrested in Florida on insurance fraud charges involving about $500,000. Just before his arrest Monday, Richard Incandela, 57, attempted to solicit $528,000 from an undercover insurance investigator "to purchase life insurance policies ... http://www.lifesettlementfraud.com/florida-man-arrested-for-life-settlement-related-fraud/ Here are some tidbits from the release:The Financial Services Authority (FSA) has warned of a liquidity gap at the heart of Keydata’s Defined Income Plans and accused the firm’s founder Stewart Ford of trying to mislead its investigators over £4 million paid to him by the business, court documents reveal.The ... http://www.lifesettlementfraud.com/fsa-slams-keydata-founder/ A Wyoming man was charged with 19 counts of securities violations for allegedly defrauding more than a dozen investors in the state for selling them promissory notes purportedly backed by life settlements, according to The Billings Gazette in Montana. Ronald George Spomer Jr. has been charged with selling unregistered securities, engaging ... http://www.lifesettlementfraud.com/wyoming-man-charged-with-securities-fraud/ I feel you would see a lot more settlements like this if the majority of the groups and funds that were accussed of this type of fraud weren't out of business or bankrupt. -- A Pentecostal pastor who bought a portion of the life insurance policy of an AIDS patient and Life ... http://www.lifesettlementfraud.com/lawsuit-over-aids-patients-life-insurance-policy-settled/ A Twin Cities art collector and philanthropist was fined $250,000 and had his license to sell life insurance revoked in a settlement announced Wednesday with the Minnesota Department of Commerce, which accused him of fraudulently obtaining millions of dollars in seniors' life insurance policies to profit from them later. The department ... http://www.lifesettlementfraud.com/antonello-settles-fraud-charges-with-minnesota/ The Idaho Life Settlements Act, which went into effect July 1, requires brokers of these policies to be licensed in Idaho and to disclose fees, the value of offers and contractual arrangements. "This level of transparency is needed in our unstable economy when people may feel pressed to sell life insurance ... http://www.lifesettlementfraud.com/idaho-law-aims-to-protect-seniors-from-life-settlement-fraud/