MBC Exec Gets 15 Years For $837M Insurance Scam

Law360, New York (February 11, 2014, 7:17 PM EST) -- A Florida federal judge Friday sentenced a former Mutual Benefits Corp. executive to 15 years in prison for conspiracy to commit mail and wire fraud in connection with an $837 million insurance scam.

U.S. District Judge Robert N. Scola Jr. sentenced Steven Steiner, MBC's founder and vice president, to 15 years behind bars, out of a maximum sentence of 20 years, followed by three years of supervised release and ordered him to pay $827 million in joint restitution with his co-conspirators. The sentence will be served concurrently with...
To view the full article, register now.