Ex-Mutual Benefits CEO Gets 20 Years For $837M Fraud

By Nathan Hale (August 29, 2014, 7:29 PM EDT) -- Ailing former Mutual Benefits Corp. CEO Joel Steinger received a 20-year sentence Friday in Miami federal court for masterminding an $837 million insurance investment scam that the prosecutor said ranks among the country's worst frauds, alongside Bernie Madoff's and Scott Rothstein's Ponzi schemes.

Steinger pled guilty March 28 to one count of conspiracy to commit mail and wire fraud in a 2008 indictment against him for the investment fraud and to the same count in a 2012 indictment against him for a health insurance fraud. On Friday, U.S. District Judge Robert N. Scola Jr. granted dismissal of 30 other counts in...

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