Insurer Covered Up $220M Ponzi Scheme, Investors Say

Law360, New York (March 7, 2011, 2:38 PM EST) -- Investors on Friday hit Jackson National Life Insurance Co. with another suit in Michigan, accusing the insurer of playing a major role in Diversified Lending Group Inc.’s alleged $220 million Ponzi scheme.

The complaint, filed in the U.S. District Court for the Western District of Michigan, claims Jackson helped carry out the massive fraud by representing to investors that it insured the full value of bogus notes sold by DLG, a purported real estate investment pool.

Jackson is facing several other investor suits over its alleged...
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