Disbarment Times Four

A busy day for the New York Appellate Division for the Second Judicial Department – a total of four disbarments.

One involved a conviction for possession of a forged instrument.

Another a conviction for conspiracy to commit mail and wire fraud.

So did this case

The indictment alleged that the respondent and his codefendants, inter alia, fraudulently offered and sold investment interests in life insurance policies to the general public through a company named Mutual Benefits Corp. (hereinafter MBC). The respondent and his codefendants made, and caused others to make, numerous false and fraudulent representations concerning such matters as the management of MBC, the safety and reliability of investments sold through MBC, historical returns on investments sold through MBC, the life expectancy of individuals insured by the life insurance policies being sold, and the sufficiency of the funds set aside to make payments on those policies. MBC raised more than $1.25 billion from more than 30,000 investors worldwide, resulting in losses of approximately $837 million.

And this attorney went down on misappropriation (linked here ).

(Mike Frisch)