Our main focus here at Life Settlement News is to provide up to date news about the Life Settlement Industry. This industry was spawned from the Viatical Industry, so we also will provide news about current Viatical situations. Life Settlements are now the most popular option when planning on liquidating a life insurance policy.
Here is another article about the past and on-going viatical fraud situations. This article touches on the Mutual Benefits fiasco, we have received numerous calls from past investors that are looking to sell their shares. At the current time we cannot assist, you will need to contact the Mutual Benefits Receiver.
SEC Aims to Block Attorney, Other Viatical Fraudsters From Future Scams
Last year, Fort Lauderdale, Fla., attorney Stephen Ziegler got sentenced to five years and had his law license suspended by the Florida Bar for his role in a $1 billion viaticals fraud through the now-defunct Mutual Benefits Corp.
Federal authorities are not done with him yet, though.
The Securities and Exchange Commission filed a complaint Feb. 15 against Ziegler and two other convicted Mutual Benefits officials: Raquel Kohler, the company’s chief financial officer, and Ameer Khan, former president and nominee shareholder of related company, Viatical Services.
The complaints aim to bar the individuals from participating in any type of securities fraud in the future or face the possibility of criminal contempt of federal court.
“We only have so many tools in our quiver and we felt this was an important complement to the criminal convictions,” said Teresa Verges, assistant regional director in the SEC office in Miami.
The way viatical settlements work is that life insurance policies for the dying and elderly are sold at a discount. Investors collect on the difference between the insurance payout at death and the purchase price.
Mutual Benefits started failing when people started living longer than the company projected. Continue Reading »

