Cases by industry
Insurance-linked Ponzi schemes
30 cases announced 2003–2024, involving about $2.4B in reported investor money. Most cases came from California, Indiana and Texas.
The largest by reported amount: Mutual Benefits Corp ($1.2B, 2009). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “yield higher rates of return than their current investments”
- “ranging from 5 to 7 percent”
- “safe and secure”
- “a well-known multinational life insurance company”
- “fixed annual interest payments and guaranteed protection against losses”
- “charitable gift annuities”
- “annual return of 10 percent or 12 percent per year”
- “diversified growth and income strategy account”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Jun 10, 2024 | W Holdings of Iowa, Excel Performance Management William Jack Berg |
Waukee, IA | Insurance-linked | $1.5M |
| Sep 22, 2022 | Brendanwood Financial Brokerage LLC Brian Simms |
Lebanon, IN | Insurance-linked | $4M |
| Jun 29, 2021 | Darrell Arnold Aviss | Santa Barbara, CA | Insurance-linked | $12M |
| May 4, 2021 | Financial Assurance Corp, Affluent Advisory Group LLC Darayl Davis |
Chicago, IL | Insurance-linked | $5.1M |
| Apr 1, 2021 | George S. Blankenbaker Jr. | Westfield, IN | Insurance-linked | $10M |
| Aug 3, 2020 | Asset Trader Anthony Wayne March |
Wake Forest, NC | Insurance-linked | $8.1M |
| Jun 29, 2020 | Phillip Roy Wasserman, Kenneth Murry Rossman | Sarasota, FL | Insurance-linked | $6.3M |
| Jun 26, 2020 | Brian Bartz | Rochester, NY | Insurance-linked | $950,000 |
| Mar 12, 2019 | Gallagher Financial Group Inc., W. Neil Gallagher Ph.D. Agency Inc. William Neil "Doc" Gallagher |
TX | Insurance-linked | $19.6M |
| Oct 11, 2018 | Hightower Capital Group William Andrew Hightower |
Bellaire, TX | Insurance-linked | $10M |
| Sep 25, 2018 | John Gregory Schmidt | Dayton, OH | Insurance-linked | $1M |
| May 22, 2017 | Apex Wealth Management Paul Garceau |
Grosse Pointe Park, MI | Insurance-linked | $800,000 |
| May 11, 2017 | Pradeep Singh | Riverside, CA | Insurance-linked | $3.7M |
| Apr 27, 2017 | John Hogan | Swissvale, PA | Insurance-linked | $8.2M |
| Dec 29, 2016 | Asset Preservation Specialists Inc. George R. McKown, Richard E. Gearhart |
Indianapolis, IN | Insurance-linked | $3M |
| Oct 12, 2016 | LifeCo., AIIA Group Steven Edward Branstetter |
Culver City, CA | Insurance-linked | $2.2M |
| Nov 25, 2015 | Berjac of Portland, Berjac of Oregon Michael Holcomb, Gary Holcomb, Kristen Van Breemen, Jennifer Chalmers |
MI | Insurance-linked | $43M |
| Jan 29, 2015 | Insurance Service Center Loren W. Holzhueter |
Watertown, WI | Insurance-linked | $10.4M |
| Dec 3, 2014 | MBP Insurance Services Inc. Joseph Francis Bartholomew, Wendy King-Jackson |
Lake Forest, CA | Insurance-linked | $11.3M |
| Sep 14, 2014 | Tammi Henderson Palasini (aka Gina) | Aberdeen, MS | Insurance-linked | $2M |
| Apr 29, 2014 | Contemporary Benefits Design, Blackburg Financial Harry Patrick Stokes |
Monroe, NC | Insurance-linked | $2.4M |
| Sep 13, 2013 | The Insurance Shoppe, Financial Security Planning Inc Lynn Alan Simon |
Evansville, IN | Insurance-linked | $1M |
| Jun 17, 2013 | Global Corporate Alliance Duncan J. MacDonald III, Gloria Solomon |
Dallas, TX | Insurance-linked | $10M |
| Aug 15, 2012 | Bridge Premium Finance LLC Michael J. Turnock, William P. Sullivan II |
Denver, CO | Insurance-linked | $15.7M |
| Mar 8, 2012 | Advisors Capital Holdings Inc. Richard Saunders |
St. Louis, MO | Insurance-linked | $6M |
| Jan 5, 2011 | National Life Settlements LLC Howard G. Judah, Gregory F. Jablonski |
Houston, TX | Insurance-linked | $30M |
| Dec 15, 2010 | First Americans Insurance Service Stella Levea, James Masat, Kenneth Mottin |
Grand Island, NE | Insurance-linked | $100M |
| Jan 5, 2009 | Mutual Benefits Corp Joel Steinger (aka Joel Steiner), Steven Steiner (aka Steven Steinger), Michael McNerney, Anthony Livoti Jr. |
FL | Insurance-linked | $1.2B |
| Aug 7, 2008 | Larry Atkins | Fargo, ND | Insurance-linked | $5M |
| Dec 23, 2003 | Financial Advisory Consultants, Income Fund Ltd., Growth Fund Ltd. James P. Lewis Jr. |
Laguna Niguel, CA | Insurance-linked | $813M |