Mutual Benefits Pleads Guilty To Fraud

Law360, New York (March 2, 2007, 12:00 AM EST) -- Insurance company Mutual Benefits Corp. has pled guilty to 15 criminal counts of fraud in connection with a scheme to defraud investors by manipulating $1 billion in life insurance policies.

As part of a plea agreement reached with the Florida attorney general’s office, Mutual Benefits was placed on probation for 10 years, in exchange for pleading guilty to criminal fraud and racketeering.

“This company intentionally defrauded thousands of people, offering the ‘once-in-a-lifetime’ deal,” Attorney General Bill McCollum said. “My office and the Department of Financial Services...
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