Atty Tied To $1B Mutual Benefits Scam Settles SEC Suit

Law360, New York (May 3, 2012, 1:29 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday settled a suit in Florida against an imprisoned Mutual Benefits Corp. attorney over his part in an offering fraud that scammed investors out of more than $1 billion by misrepresenting securities backed by life insurance policies.

Michael J. McNerney, who is in prison for five years after pleading guilty in a parallel criminal suit, agreed to a permanent injunction barring him from further violation of securities laws.

The SEC accused McNerney of fraud in the sale of unregistered...
To view the full article, register now.




Case Information

Case Title

Securities & Exchange Commission v. McNerney

Case Number



Florida Southern

Nature of Suit



Ursula Ungaro

Date Filed

April 29, 2012

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.