|By Chao Xiong, Star Tribune (Minneapolis)|
According to charges: Hertz and
Hertz and Marrone told the clients that a better annuity was available. All they had to do was surrender their current policy and open a new one. The clients incurred a charge for surrendering their policy, but were told that they would receive a 15 to 20 percent bonus on a new investment, the charges said.
Clients believed the bonus would make up for the surrendering charge, the complaint said.
The men applied for 34 "new"
Marrone is charged with six counts of theft by swindle and one count of aiding and abetting insurance fraud. He has a pre-trial hearing scheduled
Hertz will be sentenced
(c)2012 the Star Tribune (Minneapolis)
Visit the Star Tribune (Minneapolis) at www.startribune.com
Distributed by MCT Information Services
|Source:||McClatchy-Tribune Information Services|