ORLANDO, FLA – Two brothers have each been sentenced to more than 10 years in federal prison in connection with their operation of Accelerated Benefits Corporation, a viatical settlement company formally located in Orlando.
A viatical or life settlement is a transaction in which an investor purchases an interest in a terminally ill or elderly person’s life insurance policy death benefit in return for a lump-sum cash payment. An investor in a viatical or life settlement realizes a profit, if, when the insured dies and the policy matures, the policy benefit is greater than the price paid for the policy. The longer an insured lives, the more premium payments must be made to prevent the policy from lapsing and becoming worthless.
Typically a viatical settlement involves a person who has a life expectancy of less than two years. This assessment is based on the nature of the illness or condition, and a review of the particular person’s records by doctors.
Questions have long existed if there a viatical settlement in the case of Terri Schindler-Schiavo, the brain damaged Florida woman who died on March 31, 2005, by court order from injuries suffered in a suspicious incident at her home 15 years earlier.
If so, no doubt only a few people know including her executor, guardian and beneficiary-her estranged husband and guardian, Michael Schiavo and his wife, Jodi Centonze Schiavo.
Last week, U.S. District Judge John A. Antoon, II,sentenced C. Keith LaMonda, 53; Jesse W. LaMonda, 61; and John L. Maynard, 61, for their roles in a multi-million dollar fraud scheme associated with their operation of ABC. Continue Reading »
