- Associated Press - Saturday, March 29, 2014

MIAMI (AP) - The lead defendant in one of South Florida’s biggest and longest-running fraud cases has pleaded guilty to conspiracy to commit mail and wire fraud.

Joel Steinger is the final defendant to be convicted out of 13 charged in the Mutual Benefits scheme, which defrauded approximately 30,000 victims. Steinger, the former head of the corporation, entered his plea before U.S. District Judge Robert Scola on Friday. He is scheduled to be sentenced in June.

Prosecutors say Mutual Benefits was a massive fraud scheme in which investors lost more than $800 million between 1994 and 2004.

The now-defunct company bought life insurance policies from people with AIDS, cancer and other chronic illnesses and sold them to investors. The investors would get paid when the original policyholders died.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide