Three insurance agents based in Florida and New York were charged with fraud in obtaining more than $100 million in life insurance policies.
The scheme involved using straw buyers to obtain the policies and then selling those policies to investors. The agents charged, Michael Binday of New York, James Kevin Kergil also of New York, and Mark Resnick of Florida, were charged with several counts of conspiracy, fraud, and obstruction of justice by the U.S. attorney in Manhattan, Preet Bharara.
The charges carry up to 80 years in prison. All three agents plead not guilty to the charges after voluntarily submitting themselves to authorities. They are currently out on bail pending trial.
The case will continue in the U.S. District Court in the Southern District of New York.
