A South Florida attorney has been sentenced to 10 many years in federal prison for his involvement in an $ 800 million death rewards insurance fraud scheme.
U.S. District Judge Robert Scola imposed the sentence Tuesday on Anthony Livoti Jr., who was convicted by a jury of income laundering and fraud conspiracy in the Mutual Advantages Corp. case.
Now-defunct Mutual Benefits sold investments in lifestyle insurance policies held by people with chronic illnesses such as AIDS and cancer. The investor would get paid when the original policyholder died, but hundreds of people misplaced about $ 830 million because of rampant fraud.
Business co-founder Joel Steinger pleaded guilty last week and will be sentenced in June. Steinger’s brother and a variety of other people also have pleaded guilty in the lengthy-running case.
Copyright 2014 Related Press. All rights reserved. This materials may not be published, broadcast, rewritten or redistributed.