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Ex-Mutual Benefits Atty Says Co. Wasn't A Ponzi Scheme

Law360, Miami (May 15, 2018, 6:37 PM EDT) -- Mutual Benefits Corp.’s former outside counsel asked the Eleventh Circuit on Tuesday to overturn his 10-year prison sentence for his role in a massive insurance scam, arguing that the prosecution’s framing of the business as a Ponzi scheme was completely wrong.

Former MBC attorney Anthony Livoti Jr.'s counsel Richard Klugh told the Miami appeals court that Livoti did not know that MBC CEO Joel Steinger was falsifying life expectancy projections for beneficiaries of policies in which MBC investors were buying shares.

The company sold investments called...
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