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In the Courts
Second Circuit: Three Insurance Brokers Convicted for Elaborate Defrauding Scheme
On Oct. 26, 2015, the U.S. Court of Appeal for the Second Circuit affirmed the jury conviction of three insurance brokers on conspiracy to commit mail and wire fraud charges arising from a complex insurance fraud scheme. U.S. v. Binday, Nos. 14-2809-CR, 14-2832-CR, 14-2873-CR, 2015 WL 6444932 (2d Cir. Oct. 26, 2015).
The insurance brokers were convicted of inducing insurers to issue life insurance policies that were to be sold to third-party investors. The scheme centered on “stranger-oriented life insurance” (STOLI) policies, whereby a broker obtains insurance for a “straw buyer” “for the purpose of resale to an investor with no insurable interest in the life of the insured ' essentially, it is a bet on a stranger's life.” Thus, the policy is intended for resale before it is issued, a policy which many insurance companies ' including the ones involved in this case ' refuse to issue. In return, the brokers received a commission on these STOLI policies that would not otherwise have been issued had the insurance companies realized the true purpose of the policies.
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