from my collection ! A widow settles an Ins. fraud lawsuit

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PostPosted: Mon Feb 27, 2006 9:54 am   Post subject: from my collection ! A widow settles an Ins. fraud lawsuit  

Hi



My weekend collection of Life Insurance frauds have become one of my favorite pastimes and of late it revealed some interesting legal conclusions !



The widow of the late Dean E. Merck and her three grandsons had settled an insurance fraud lawsuit against a couple of insurance agents, about seven insurance companies and brokers and a law firm worth $7.29 million. Mr. Merck had initially invested worth $6,000 stock in the Hathaway shirt Company, better known as the Berkshire Hathaway. The attorneys leading the Mercks were Craig Eiland and Thomas Ajamie. This case had been filed probably on the basis of improper backdating of policies, misconduct with signatures on legal documents etc.



I just want each one of you guys to shower your comments across this forum !



Regards,

Lynn


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Lynn
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PostPosted: Mon Feb 27, 2006 12:22 pm   Post subject:   

hi buddies !



This is the first time I am here, but gotta offer something interesting too . Its nice that we could even convey scam experiences or site examples over here.



The latest of insurance frauds that caught my attention is stated below:

Its about Btadini, a former life insurance agent, now 51, who was booked in early 2003 following a three-year investigation from the California Department of Insurance. Earlier Btadini had talks with the LA County District Attorneys. He had been accused of misleading individuals at buying a living trust and consequently selling them some annuity products and finally convincing them to invest in a nine-month promissory note policy. Its significant to mention over here, that the notes were barred from circulation in the State of California.

These notes were probably meant to accumulate capital by a few new companies for the growth and development of their business. Consequently all the investors were robbed off their promissory note investments. Its even more humiliating to know, that all of the investors involved in this case were senior citizens.



Regards and thanks for letting me in !

Babs


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Barbara Almeida
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PostPosted: Wed Apr 25, 2012 12:29 pm   Post subject:   

I think you are right in this regard Barbara, i am agree with you on this.

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PostPosted: Wed May 02, 2012 1:59 pm   Post subject:   

Thank you, Steven, for resurrecting a 6 year old post.



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PostPosted: Wed May 16, 2012 7:23 pm   Post subject:   

Quote:
He had been accused of misleading individuals at buying a living trust and consequently selling them some annuity products and finally convincing them to invest in a nine-month promissory note policy. Its significant to mention over here, that the notes were barred from circulation in the State of California.

These notes were probably meant to accumulate capital by a few new companies for the growth and development of their business. Consequently all the investors were robbed off their promissory note investments. Its even more humiliating to know, that all of the investors involved in this case were senior citizens.




It's so sad to hear that they are putting false hopes on the elder ones. This is a good guide for insurance seekers. One should always be meticulous when it comes to acquiring insurance.
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