Friday, December 04, 2009
MassMutual Sues Rothstein Over $14.8 Million Insurance Policy
Massachusetts Mutual Life Insurance Co. sued Scott Rothstein, the ex-Florida lawyer charged with running a $1.2 billion Ponzi scheme, over a $14.8 million life insurance policy.
Rothstein misrepresented his income in seeking the policy last year, saying he made $8 million a year and had a net worth of $12 million, MassMutual said in a complaint filed in federal court in Miami on Dec. 2.
“If MassMutual had known that the source of Rothstein’s alleged income and net worth was derived from illegal activity, to wit, running a Ponzi scheme rather than actually practicing law, it would not have issued the policy,” MassMutual said in the lawsuit, which asks a judge to cancel the policy...
Bloomberg: MassMutual Sues Rothstein Over $14.8 Million Insurance Policy
Rothstein misrepresented his income in seeking the policy last year, saying he made $8 million a year and had a net worth of $12 million, MassMutual said in a complaint filed in federal court in Miami on Dec. 2.
“If MassMutual had known that the source of Rothstein’s alleged income and net worth was derived from illegal activity, to wit, running a Ponzi scheme rather than actually practicing law, it would not have issued the policy,” MassMutual said in the lawsuit, which asks a judge to cancel the policy...
Bloomberg: MassMutual Sues Rothstein Over $14.8 Million Insurance Policy
Permalink posted by markw @ 5:03 AM 
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