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…
News coverage of insurance industry and financial advisor regulation.
More Stories
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.
TALLAHASSEE— Authorities have charged the former longtime president of the Florida Coalition Against Domestic Violence and a former chief financial officer of the agency with fraud, grand theft and official misconduct, accusing the women of bilking the state out of more than $3.7 million from money earmarked for domestic violence shelters.
Allstate, other insurers among those facing robocall lawsuits
Lawsuits seeking class-action status allege marketers, particularly insurance companies, are guilty of cold-calling millions of consumers.
Big rules are coming; Prudential exec hopes they aren’t ‘overly conservative’
Rules and regulation is top of mind now in financial services as artificial intelligence, climate change, fiduciary duty and private equity are all drawing attention.
Fed: No interest rate change, but future tweak possible
The Fed, said it will maintain its target range for the federal funds rate but would consider a future hike depending on data.
The U.S. Attorney for the Southern District of New York, Damian Williams, issued the following news release on Sept. 19, 2023:. Damian Williams, the United States Attorney for the Southern District of New York, announced that STEPHEN BUYER, a former Indiana Congressman, was sentenced today to 22 months in prison by U.S. U.S. Attorney Damian Williams said: "Stephen Buyer…
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 percent to 15 percent of the nearly $900 billion that Washington paid out over…
SEC cracks down on 9 firms for Marketing Rule violations
In a significant crackdown on misleading financial industry marketing, the SEC moved against nine registered investment advisers.
The walls seem to be closing in on freshman U.S. Rep. George Santos as federal prosecutors asked Judge Joanna Seybert to postpone the Sept. 7 status conference to continue discussions on "possible paths forward" in his fraud case. Prosecutors accused him of fraudulently obtaining unemployment benefits, using campaign contributions to pay down personal debts…
AUSTIN— After a 10- day trial, Texas senators on Saturday voted to acquit Texas Attorney General Ken Paxton on allegations of bribery and corruption, clearing him to return to his duties as the state's top lawyer. The case has been delayed for years by pretrial disputes— including a back-and-forth battle over the trial venue that saw it moved to Houston from…
The U.S. Attorney for the Northern District of Texas, Leigha Simonton, issued the following news release on Sept. 14, 2023:. An Irving man pleaded guilty today to submitting fraudulent insurance claims for COVID-19 testing, resulting in a more than $7 million loss to insurers, announced U.S. Attorney for the Northern District of Texas Leigha Simonton.
DOL not done defending existing investment advice rules in court
The DOL filed a brief reiterating its defense of investment advice rules published during the Trump administration. Those rules were sued in Florida and Texas upon taking effect in February 2022.
DOL fiduciary rule likely to tinker with popular exemption, analysts say
The Department of Labor finished its fiduciary rule last week. Analysts say prohibited transaction 84-24 is the place to look for changes once the rule details are known.
