RUTLAND- A Chittenden County man, who made international news when he stole five Teslas valued at over $600,000 in 2018 and 2019, was sentenced in federal court in Rutland on Wednesday to 48 months in prison. Michael A. Gonzalez, 34, fraudulently obtained the five Teslas valued at about $607,000 from car dealerships in New York, New Jersey, Massachusetts and…
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NEW YORK— Donald Trump is expected back in New York City next week, where he'll face his fixer-turned-foe Michael Cohen at his fraud trial, a source confirmed to The New York Daily News on Thursday. The former president, who last week attended the first three days of his trial in the civil case brought by state Attorney General Letitia James, plans to come back next…
Panel weighs possible changes for WA Cares LTCi plan
Possible changes to WA Cares, Washington state’s new public long-term care insurance benefit plan, are being compiled for consideration.
Social Security payments to rise 3.2% in 2024
Social Security recipients will see a 3.2% cost-of-living adjustment (COLA) in 2024, down from the 8.7% increase in 2023.
SEC rule on data analytics praised by consumer groups, ripped by industry
A Securities and Exchange Commission rule attempting to address conflicts of interest created by use of predictive data analytics could stifle access to much-needed retirement products, industry groups say.
Nancy Marks admitted she conspired with Santos to falsify Federal Election Commission filings to make it look like he got enough donor cash to qualify for financial and logistics support from an unnamed national campaign committee. Santos, 35, was initially indicted in May on wire fraud, money laundering, theft of public funds and making false statements to…
NEW YORK— Donald Trump's convicted finance chief, Allen Weisselberg, returned to the witness box Tuesday– this time, to face a grilling by the New York attorney general's office about exaggerating his ex-boss's bank balance by billions. Judge Arthur Engoron has already determined that Weisselberg, Trump, his sons and ex- Trump Org controller Jeff McConney…
Critics call out Brookfield Asset Management asset transfers to insurer
Financial reporting documents by Brookfield Asset Management Reinsurance and an insurer it acquired last year are raising renewed questions about private equity control over policyholder funds.
Proposed historic drop in Florida workers’ comp rate draws concern
Proposed average workers’ compensation rate decrease of 15.1% proposed by the National Council on Compensation Insurance draws concerns.
Health care issues pushed aside amid Congressional budget battles
The longer the appropriations fight goes on and the longer those extensions go on, they crowd out the ability of Congress to tackle other issues such as health care issues, an analyst said.
The Wisconsin Office of the Commissioner of Insurance recently released a list of administrative actions for September. The actions are…
FORT LAUDERDALE, Fla.— In the wake of a New York judge's ruling that Donald Trump and his Trump Organization committed civil fraud, the former president's trophy Florida properties have become potential low-hanging fruit for seizures to help cover a $250 million penalty sought by State Attorney General Letitia James. If James prevails and she ultimately…
Jonathan Vincent Glenn, age 54, of Greenwich, waived his right to be indicted and pleaded guilty late last week in Hartford federal court to defrauding investment clients through a "cherry-picking" securities scheme. Glenn's plea and details in the case were announced on Friday, Oct. 6 by Vanessa Roberts Avery, United States Attorney for the District of…
NAIC task force: no life illustrations rework planned in 2024
State insurance regulators advanced 2024 charges today and revealed no plans to confront a full-scale rewrite of the life insurance illustrations model.
A major loss Tuesday in former President Trump's New York civil fraud case raises the potential for him to lose control of some of his famed properties and ability to do business in the state. A New York judge ruled Tuesday that state Attorney General Letitia James proved core elements of her far-reaching case, narrowing the scope of the trial that is set to begin…
Industry trades, consumer advocates, find fault with NAIC draft model on AI
State insurance regulators received 202 pages of comments on a draft model bulletin on use of artificial intelligence and related technology by insurers.
The index has been compiled annually since 2014 by insurance giant Travelers Cos., which underwrites cybersecurity coverage. "Cyber risks have extremely serious consequences— one attack can weaken an organization or potentially put it out of business," Tim Francis, enterprise cyber lead at Travelers, said, in a statement. The breach involved the transfer tool…
But this week the federal government more than doubled its estimate in stolen payments to as much as $135 billion. The finding is a rebuke to the Biden Administration, which had previously put the fraud total as low as $45 billion based on surveys of state programs. Fraud claimed 11% to 15% of the nearly $900 billion that Washington paid out over three years.
A former Brooklyn investment banker faces up to 30 years in prison after pleading guilty to multiple acts of fraud, United States Attorney Breon Peace announced this week. According to United States Attorney Peace, Russell's fraudulent act affected 29 investors in total, who as a collective lost at least $1.5 million. "Russell leveraged investor interest in…
North Dakota judge halts long-term care bailout plan crafted in Pa.
A North Dakota district judge denied a motion to dismiss and granted a preliminary injunction to Insurance Commissioner Jon Godfread in a dispute between insurance regulators over a long-term care financial settlement.
