A U.S. district attorney in Florida has indicted 4 men in connection with allegations of mail fraud, wire fraud and other charges stemming from the 2004 failure of a life settlement company.
The indictments also charge the defendants — Joel Steinger, Steven Steiner, Michael McNerney and Anthony Livoti Jr. – with conspiracy and money laundering and other offenses stemming from their involvement with the company, Mutual Benefits Corp., Fort Lauderdale.
Investigators say Mutual Benefits raised about $1.3 billion from about 30,000 investors before federal regulators shut it down in May 2004.
A federal court placed Mutual Benefits in receivership in 2004, after the U.S. Securities and Exchange Commission and Florida’s Office of Insurance Regulation investigated allegations that the firm had committed fraud.
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Defendants McNerney and Livoti appeared before the U.S. District Court for the Southern District of Florida earlier this week, according to Eric Bustillo, acting U.S. attorney for the district.
Steinger and Steiner are expected to make their initial appearances in court later this week, Bustillo says.