Mutual Benefits Atty Linked To $1B Scheme Faces SEC Suit

Law360, New York (May 1, 2012, 6:29 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday sued an imprisoned Mutual Benefits Corp. attorney for his involvement in an offering fraud that bilked more than $1 billion from investors worldwide who bought life insurance policies from the terminally ill and seniors.

In a suit lodged in Florida federal court, the SEC accuses Michael J. McNerney of fraud in the sale of unregistered securities from 1994 through 2004.

The suit, which also accuses McNerney of aiding and abetting MBC's violation of the federal Securities Act, said...
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