|By Wayne K. Roustan, Sun Sentinel|
|McClatchy-Tribune Information Services|
As the head of MBC, Steinger and co-conspirators
Between 1994 and 2004, MBC purchased life insurance policies from people with AIDS, the chronically ill and seniors. MBC sold shares of insurance policy death benefits, known as viatical settlements, promising a fixed rate of return with low risk, evidence showed.
New investor money was used to pay premiums on life insurance policies purchased by earlier investors and to pay investors who requested their money back. The Ponzi-like scheme eventually collapsed, prosecutors said.
Steinger is scheduled to be sentenced
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