MBC Managers Plead Guilty To $830M Fraud

Law360, New York (February 28, 2007, 12:00 AM EST) -- Two former managers of defunct viatical and life settlement company Mutual Benefits Corp. have pled guilty for their role in defrauding 30,000 investors out of $830 million.

On Tuesday, Carol Traina and Bari Wiggins each pled guility to one court of conspiracy to commit securities fraud. They are each facing up to five years in prison, with sentencing to take place May 8 before Judge Paul C. Huck of the U.S. District Court in Miami.

They will also be jointly responsible for $830 million in restitution,...
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