Broker Told To Hold Policies Tied To Alleged $28M Fraud

Law360, New York (February 1, 2012, 8:06 PM EST) -- A New York state judge ruled Wednesday that an insurance broker cannot sell or transfer the life insurance policies it holds for a life insurance policy investment firm that are tied to an alleged $28 million fraud by one of the broker's employees.

New York Supreme Court Judge Bernard Fried issued a preliminary injunction at the conclusion of a hearing Wednesday that prevented broker Progressive Capital Solutions LLC and its employee John Puglisi from selling or transferring any life insurance policies that affiliates of investment firm...
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