Orange Co. insurance agent had been accused doing fraud of $100 M
Investigators said that Mark Resnick and two insurance agents from New York, Michael Binday and James Kergil had recruited elderly people for buying life insurance policies. If had convicted, they each would be jailed for 80 years. According to investigators, the agents had inflated the amount of money the applicant had so the payout would be higher, then re-sell the policies for making commissions.
“For instance, one 76-year-old man in Orlando issued a $4 million policy, claimed his net worth was in the millions. But he has no much money, no IRA, 401K savings or pension”, investigators said. The indictment had showed that the insurance agents will look for investors for paying the premiums, will arrange for re-selling the policies to make commissions and will even buy some of the policies themselves and collect millions when the person was died.
The FBI said that after it neared Resnick last year, he would attempt to destroy documents and even would try to have his computer hard drive which had been deleted by the Apple store in Orlando to cover up the crime. In all, the men had been accused of defrauding four different insurance companies, made millions of dollars since starting this scheme in 2006.
