Ohio Life Insurance Co. Wins Bid To Void Fraudulent Policies
Law360, New York (February 7, 2014, 6:39 PM EST) -- An Illinois judge found that three purchasers of life insurance policies did not properly contest the facts presented by Ohio National Life Insurance Co. and had violated Illinois law by establishing a program to convince people to buy insurance just to sell, turning a profit for themselves in the meantime.
According to court documents, Douglas Davis, an attorney and estate planner, would recruit potential investors for the program and help them finance the policies through a separate company owned by Paul Morady. Mavash Morady, an Ohio National employee and licensed insurance salesperson, would then push the applications through, and Paul Morady...
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