Ex-MBC Atty Cops To Role In $837M Insurance Scheme

Law360, New York (May 19, 2011, 4:56 PM EDT) -- A former attorney with Mutual Benefits Corp. pled guilty in Florida on Wednesday to his role in an $837 million Ponzi scheme that defrauded investors who bought life insurance policies from the terminally ill and seniors.

Michael J. McNerney, the founding partner of Ft. Lauderdale, Fla., firm McNerney Morgan Solomon & Tatum LLP, copped to a count of conspiracy to commit mail and wire fraud regarding his misrepresentation to investors of MBC's management and financial situation, federal prosecutors said.

McNerney was indicted with MBC co-founder Joel...
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