Carol Traina and Bari Wiggins

Miami, FL: (Mar-07-07) Carol Traina and Bari Wiggins entered guilty pleas before a United States District Judge in Miami, after the FBI ended their investigation of the viatical and life settlement company that showed conspiracy and securities fraud. According to the information, Mutual Benefits Corp. (MBC) sold investment interests in viatical and life settlements through an international network of sales agents. MBC's sales agents and marketing materials fraudulently induced investor participation in MBC's offering by promising investors "safe" investments in "secure" life insurance policies. Instead, MBC indulged in speculative investments fraught with undisclosed risks. MBC also engaged in deceptive business practices by improperly acquiring policies that could not be bought and sold, pressuring doctors to validate false life expectancy figures, and mismanaging escrowed premium funds in a "Ponzi" scheme. Traina and Wiggins agreed to a settlement to be jointly responsible for $830 million in restitution payable to MBC investors. [MEDIA NEWSWIRE: MBC FRAUD]

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Published on Mar-12-07