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Reply to GA Insurance Chief Ignored Warnings on Firm Accused of Ponzi Scheme     
Old 04-18-2016, 01:28 PM   #1
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Brian Anderson on GA Insurance Chief Ignored Warnings on Firm Accused of Ponzi Scheme
 
Join Date: May 2014
Posts:525
State: Brian Anderson is an Insurance Agent from Colorado
GA Insurance Chief Ignored Warnings on Firm Accused of Ponzi Scheme GA Insurance Chief Ignored Warnings on Firm Accused of Ponzi Scheme
The Atlanta Journal-Constitution published an investigative piece Sunday (link below) about a life settlement fraud case. From the piece:

Five years before the federal government accused a Woodstock millionaire of running a multistate, multimillion-dollar Ponzi scheme, Georgia regulators had evidence he was operating without a license, in violation of state law.
Insurance Commissioner Ralph Hudgens was told repeatedly that Jim Torchia was buying other people’s life insurance policies without state approval. Fraud unit investigators also had evidence Torchia’s company advertised directly to Georgians, offering quick cash for rights to insurance payouts. Legal experts say that is illegal without a license.

But Hudgens didn’t act to stop him, an investigation by The Atlanta Journal-Constitution found. No cease-and-desist order. No fines or criminal charges. No consumer alert.


Told firm might be flouting laws, Insurance chief Hudgens didn
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  Reply With Quote to GA Insurance Chief Ignored Warnings on Firm Accused of Ponzi Scheme

Old 06-06-2016, 01:48 PM   #2
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Join Date: Oct 2011
Posts:717
State: tlmarketing is an Insurance Agent from Pennsylvania
GA Insurance Chief Ignored Warnings on Firm Accused of Ponzi Scheme Re: GA Insurance Chief Ignored Warnings on Firm Accused of Ponzi Scheme
It's pretty comical that Phil Loy would complain....I wonder how many thousands of investors and insureds would have interest in asking Phil questions about the life expectancy calculations provided by AVS Underwriting over the years??? I wonder how much financial damage occurred due to inaccurate life expectancy calculations?
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  Reply With Quote to GA Insurance Chief Ignored Warnings on Firm Accused of Ponzi Scheme
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