An article in the Aug. 21/28 issue of National Underwriter regarding a lawsuit against Beneficial Companies and other firms repeatedly and mistakenly referred to various charges against a Georgia-based corporation named Benefits America Inc., when those charges were instead directed at Beneficial Companies and others.
Among the errors in the article regarding Benefits America are the following:
o A statement that Benefits America declared bankruptcy in 2002.
o A statement that “The suit follows a series of regulator actions since 2000 against the same viatical firm Benefits America Inc., Baltimore, and its subsidiaries and officers, with charges ranging from selling securities without a license in Washington state to federal money-laundering charges against two of its agents last year.”
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o A statement that “The suit charges Benefits America and its member firms offered guaranteed returns to the plaintiffs for their investments in viaticals.”
o A statement that “POA’s suit charges its 4,600 members bought interests in about 500 policies insuring the lives of 397 people whose life expectancy was projected by Benefits America to be no more than 48 months.”