Mutual Benefits Atty Gets 5 Years For $837M Ponzi Plot

Law360, New York (August 26, 2011, 6:07 PM EDT) -- A Florida federal judge sentenced a former attorney for Mutual Benefits Corp. to five years in prison Friday for his role in defrauding investors out of $837 million by buying life insurance policies from the terminally ill and seniors.

U.S. District Judge Adalberto Jordan sentenced Michael J. McNerney, the founding partner of Ft. Lauderdale, Fla., firm McNerney Morgan Solomon & Tatum LLP, to the maximum sentence of 60 months behind bars followed by three years of supervised release. He also ordered McNerney to participate in a...
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