Culminating one of Florida’s all-time largest fraud schemes, US District Judge Robert Scola sentenced Joel Steinger to 20 years in prison. Steinger was CEO of now-defunct Mutual Benefits Corp. and masterminded a fraud scheme during 1994-2004, that victimized more than 30,000 investors across the nation and around the world.
Steinger appeared in court in a wheel chair, with an oxygen tank and argued against the 50 year sentence sought by prosecutors.
Mutual Benefits bought life insurance policies at a discount from people with AIDs, cancer and other chronic illnesses and sold them to investors who were promised a larger payout upon the death of the policyholder.
Steinger and his co-horts pumped up life expectancy numbers and falsified financials and eventually began using money from new investors to pay earlier investors, the classic ponzi scheme.
Steinger is the last of 13 defendants convicted in the case.
Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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