A South Florida attorney has been sentenced to 10 years in federal prison for his involvement in an $800 million death benefits insurance fraud scheme.
U.S. District Judge Robert Scola imposed the sentence Tuesday on Anthony Livoti Jr., who was convicted by a jury of money laundering and fraud conspiracy in the Mutual Benefits Corp. case.
Now-defunct Mutual Benefits sold investments in life insurance policies held by people with chronic illnesses such as AIDS and cancer. The investor would get paid when the original policyholder died, but hundreds of people lost about $830 million because of rampant fraud.
Company co-founder Joel Steinger pleaded guilty last week and will be sentenced in June. Steinger’s brother and a number of other people also have pleaded guilty in the long-running case.