Joel Steinger, awaiting trial in US District Court in Florida for the Mutual Benefits billion dollar life settlement* Ponzi scheme, has been charged in a new case**, involving an alleged $3m health care fraud. Steinger, along with his brother Steven Steiner, and Steiner's partner, Henry Fecker, reportedly set up two shell companies, through which they fraudulently obtained insurance coverage.
The defendants are charged with fraudulently claiming that they were full-time employees of dummy companies, and receiving payment or reimbursement of medicals through group insurance coverage. Allegedly, they committed these crimes whilst out on bond in the Mutual Benefits case.
The charges:
(1) Conspiracy to Commit Wire Fraud and Mail Fraud.
(2) Mail Fraud.
(3) Wire Fraud.
A forfeiture provision appears in the indictment. Each of these counts carries a maximum penalty of twenty years in Federal Prison.
Joel Steinger, who faces a potential life sentence in the Mutual Benefits case, was denied bond, after the Federal prosecutor stated that he posed a danger to the community, and was a flight risk.
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* Known in the United Kingdom as traded life policies, these investments have come under scrutiny as the result of the Mutual Benefits case.
** United States vs. Joel Steinger et al, Case No.: 12-cr-20123-UU (SD FL)
The defendants are charged with fraudulently claiming that they were full-time employees of dummy companies, and receiving payment or reimbursement of medicals through group insurance coverage. Allegedly, they committed these crimes whilst out on bond in the Mutual Benefits case.
The charges:
(1) Conspiracy to Commit Wire Fraud and Mail Fraud.
(2) Mail Fraud.
(3) Wire Fraud.
A forfeiture provision appears in the indictment. Each of these counts carries a maximum penalty of twenty years in Federal Prison.
Joel Steinger, who faces a potential life sentence in the Mutual Benefits case, was denied bond, after the Federal prosecutor stated that he posed a danger to the community, and was a flight risk.
__________________________________________________________________________
* Known in the United Kingdom as traded life policies, these investments have come under scrutiny as the result of the Mutual Benefits case.
** United States vs. Joel Steinger et al, Case No.: 12-cr-20123-UU (SD FL)
First of all legally no one can call this a ponzi scheme and the judge has ordered that the word "ponzi" to describe the company. The company was actually.taken over by the federal government over 5 years ago. They are still running the company in the exact image as the brothers were and for some reason the federal government has yet to pay back investors claiming the reason for the takeover was under the assumption that investors might not.be able to be paid.back. Recently the government employee put in charge of this "fraudulent" company gave himself an 11million dollar bonus. If there was illegal activity going on, it still is only the feds are running it without the help of the "bad guys".
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