{"id":1416,"date":"2014-03-15T16:54:51","date_gmt":"2014-03-15T16:54:51","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/03\/variable_annuities_scam_sought"},"modified":"2022-03-10T16:37:47","modified_gmt":"2022-03-10T22:37:47","slug":"variable-annuities-scam-sought","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/variable-annuities-scam-sought\/","title":{"rendered":"Variable Annuities Scam Sought to Profit From Terminally Ill Patients\u2019 Deaths, Says SEC"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has filed charges against brokers Michael A. Horowitz and Moshe Marc Cohen, investment adviser BDL Manager LLC, and four others for their involvement in a variable annuities scam. The financial fraud <\/a>purportedly aimed to make money from the deaths of terminally sick patients living under hospice care and in nursing homes.<\/p>\n

Variable annuities are supposed to act as long-term investment vehicles to offer income upon retirement. One common feature is that a beneficiary of an annuity, usually a child or spouse, is paid a death benefit if the annuitant passes away. There is also usually a bonus credit that the issuer of the annuity adds to the value of the contract according to a specific percentage of purchase payments.<\/p>\n

The SEC Enforcement Division claims that Horowitz set up a scam to exploit the benefits offered in annuities. Working with the help of others, he used the information of terminally ill patients in Southern California and Chicago, Illinois and sold variable annuity contracts, along with the bonus credit and benefit, to rich investors.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has filed charges against brokers Michael A. Horowitz and Moshe Marc Cohen, investment adviser BDL Manager LLC, and four others for their involvement in a variable annuities scam. The financial fraud purportedly aimed to make money from the deaths of terminally sick patients living under hospice care and in nursing […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3884],"tags":[],"class_list":["post-1416","post","type-post","status-publish","format-standard","hentry","category-variable-annuities"],"yoast_head":"\nVariable Annuities Scam Sought to Profit From Terminally Ill Patients\u2019 Deaths, Says SEC — Investor Lawyers Blog — March 15, 2014<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has filed charges against brokers Michael A. 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