Agent said he earned about $1.1 million in commission fees for policies based on the fraudulent applications, and he shared some of those funds with applicants.
Agent said that as part of his scheme to obtain commission fees, he offered free life insurance and cash payments to members of the public in exchange for using their personal information on the applications.
Agent said he offered additional cash payments to applicants who opened bank accounts in their own names and gave him access to the accounts. MassMutual withdrew money on a monthly basis from the bank accounts for the premiums on the life insurance policies.
Agent said he transferred some of the commission fees to those bank accounts from his bank account in order to fund the premiums and make it look like the applicants were paying the premiums.
Paraphrasing content from nj.com:
Agent said he earned about $1.1 million in commission fees for policies based on the fraudulent applications, and he shared some of those funds with applicants.
Agent said that as part of his scheme to obtain commission fees, he offered free life insurance and cash payments to members of the public in exchange for using their personal information on the applications.
Agent said he offered additional cash payments to applicants who opened bank accounts in their own names and gave him access to the accounts. MassMutual withdrew money on a monthly basis from the bank accounts for the premiums on the life insurance policies.
Agent said he transferred some of the commission fees to those bank accounts from his bank account in order to fund the premiums and make it look like the applicants were paying the premiums.
What a weasel.
I don’t understand how he made money on this. Does Mass Mutual pay full annual commissions up front if the policyholder pays for one month?
I don’t understand how this guy was licensed in the first place and how he passed the ethics exam for his license.