Case library · The Con
The Hidden Insurance Owner
United States v. Frankel (2004)
Charge: Wire fraudCourt: U.S. District Court for the District of Connecticut (appeal: U.S. Court of Appeals for the Second Circuit)State: ConnecticutDocket: The Con
The facts
A financier quietly bought up several small life insurance companies through a trust, keeping his own name off the paperwork. He then told those companies to hand their reserve money to a brokerage he controlled, to be invested in government bonds. More than two hundred million dollars of reserves went across. He invented the trades and sent back account statements showing holdings that were not there. State insurance regulators were told the reserves were safe.
You have the facts the court had. Guilty or not guilty? Call it in the game with your friends, then see what the court actually decided. Wrong call, you drink.
Citation: United States v. Frankel (D. Conn.); appeal, United States v. Frankel (2d Cir. 2009)
Read more at caselaw.findlaw.com. The source reveals the outcome.