Salesmen Ordered To Forfeit $5M From MBC Plot

Law360, New York (July 6, 2009, 12:00 AM EDT) -- A federal judge has ordered five salesmen who allegedly sold scam securities backed by life insurance viaticals for Mutual Benefits Corp. to forfeit nearly $5 million in commissions.

Judge Federico A. Moreno of the U.S. District Court for the Southern District of Florida issued a summary judgment order Thursday, demanding that the salesmen turn over commission money associated with the sale of investments backed by viaticals.

Once billed by the plaintiffs as potentially the largest Ponzi scheme in history, the scam and its proceeds have been...
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