Daniel, did you ask Kelly about Richard D. Doggett, the person listed as the contact person in their Deerfield Beach, Florida office?
Ran across this in the Palm Beach Post from '94:
The Florida Supreme Court suspended two Palm Beach County attorneys from practicing law on Thursday. xxxxxxxxxx, of Palm Beach, was suspended for three years after he pleaded guilty to indecent exposure and two counts of lewd acts. xxxxx was xxxxxxxxx xxxxxxxxxxxx in his front yard on Aug. 18, 1992 when a neighbor and her young daughter saw him. xxxxx will have no felony conviction if he completes 10 years' probation. Richard G. Doggett, of Boca Raton, was suspended for one year after he pleaded no contest to violating Florida Bar rules concerning diligence, misconduct and failing to communicate with clients.
Dd you ask Kelly about ABFG's history as a Viatical company?
Viatical Firm Now Trading On Otc
American Benefits Group Inc., formerly called International Marketing Partners Inc., now lists its shares on the over-the-counter Bulletin Board under the symbol LFLN. The company also said it has completed a private placement, raising $248,000, and appointed former Blockbuster Entertainment Corp. executive Lee V. Twyford Jr. as its controller. American Benefits (OTC/BB: LFLN: $1.54) raises money for the purchase of viatical settlements, which convert life insurance policies into cash based on limited life expectancy.
Looks like the company may have abandoned its other similar viatical operations, American Benefits Tax Services, Madison Financial Services, Discount Life, and the Reality Foundation, when the SEC shut down viatical scams in Boca several years ago.
[Note: This story for background only; no ABFG principals seemed to have been involved]
Judge: Boca Insurance Firms A 'Scheme To Defraud Investors'
A federal judge has frozen the assets of two defunct Boca Raton investment companies and three corporate officials, saying the businesses were run as an ''interstate scheme to defraud investors.''
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The SEC alleges United Benefits and its sister company defrauded investors of between $3.5 million and $4.5 million, and that the officers and agents of the companies misappropriated investor money for their personal benefit. The SEC is seeking a permanent injunction, return of ''ill-gotten gains'' and civil penalties.
The two United Benefits companies collected the money from investors who thought they were buying interest in life insurance policies written for the terminally ill, particularly AIDS patients, SEC investigators charge.
But so far, few real insurance policies have been discovered, SEC officials told Highsmith, who referred to the companies in his order as a ''Ponzi'' scheme.
''Here you have this investment that was set up to pluck the heartstrings of the investing public who wanted to give dignity to certain insurance policyholders,'' said Charles V. Senatore, regional director of the SEC. ''When in truth and in fact, it was a sham and investors were misled and lost a great deal of money.''
The federal government does not regulate trade in discounted life insurance policies, which are known as viaticals. Investors buy the policies at a discount and the proceeds go to a terminally ill beneficiary. When the person dies, the investor cashes in the policy.
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finaledition.pbpost.com
Let's not forget that all roads lead back to Goldstein and Doggett, who, along with Sharifi, Mikolajczyk, Sklar, and Moradov, are listed as directors for ABFG with the State of Florida. ABFG needs to explain this relationship -- at length -- to its shareholders.
- Jeff |
