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Iran shipping line masks 'arms vessels'
TALLAHASSEE, Fla., June 22 (UPI) -- U.S. regulators are cracking down on stranger-originated life insurance scams in which policy holders sell their insurance to investors.
Insurance agents in Florida, Ohio, Minnesota and California have been arrested or had their professional licenses revoked with the most common type of fraud being exaggerating the wealth of an elderly client to take out an expensive life insurance policy, then selling the policy to an investor with a handsome kickback to the client, The Wall Street Journal reported Tuesday.
An attorney for Florida insurance agent Steven Brasner said he would "zealously defend" allegations that he forged insurance applications that exaggerated the wealth of his clients.
In Cleveland, an insurance agent allegedly took out a $12.5 million policy on behalf of a 74-year-old woman whose net worth was $2,000 and whose monthly income was $950.
In Minnesota, one agent took out 44 policies on behalf of the same client. The face value of the policies totaled $127.8 million.
One of Brasner's clients in Florida said she was paid $150,000 up front for agreeing to take out a policy that was set up for the secondary market. In California, insurance agents earned nearly $900,000 in commissions on two policies worth $20 million, the Journal said.
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