The insurance carrier for Miami’s Spear Safer CPAs & Advisors has agreed to pay $3.5 million to the court-appointed receiver of Mutual Benefits to settle allegations the accounting firm was negligent in its audits of the viatical and life settlement company.
M. Glenn Spear, Spear Safer’s managing partner, said his firm did nothing wrong.
”We did our job and we did it properly,” Spear said. “We don’t believe the case had any merit. Our insurance carrier chose to settle for other reasons.”
Receiver Roberto Martinez’s lawsuit against Spear Safer was set to have gone to trial on Monday. The settlement requires the approval of a federal judge.
Federal authorities allege Mutual Benefits defrauded some 30,000 investors out of about $830 million in the sale of life insurance policies.
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