|Mugshot from an early arrest in another case.|
Joel Steinger, the former owner of the Life Settlements firm Mutual Benefits Corp., which operated a $1.2bn Ponzi scheme, defrauding investors who believed they were placing their funds into valuable policies from the secondary market in life insurance, is five years into a 20-yer sentence. He is seeking Compassionate Release under the First Step Act, and his current counsel filed a motion earlier this year.
Steinger, who deprived many of his victims of their life savings, is now a bedridden invalid, suffering from multiple health issues, at FPC Butner; some might regard his current situation as Karma. His many ailments and afflictions have been cited by his counsel in support of his motion, in an extensive Memorandum of Law. It should be noted that he does NOT have the required Bureau of Prisons support, but it is asserted that he could not survive an encounter with the Coronavirus, and may actually be near the end of his life. The Government has not yet responded to his motion.
Readers who wish to review the story in detail may access his Memorandum of Law in Support of Motion to Reduce Sentence Pursuant to 18 USC §3582(c)(1)(A) (1) here.