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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
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