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MANHATTAN (CN) - Federal prosecutors accused three insurance agents of running a "massive fraud" involving more than $100 million in stranger-owned life insurance policies issued through straw buyers.
Feds Say They Stopped Life Insurance Scam
Seeded on Sat Feb 18, 2012 6:58 AM EST
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The defendants are also charged with obstructing justice, the U.S. Attorney's Office said in announcing the men's arrests.
Charged are Michael Binday, 48, owner of a Scarsdale insurance agency; James Kevin Kergil, 57, an insurance agent based in Peekskill; and Mark Resnick, 56, an insurance agent based in Orlando, Fla.
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