Six insurance businesses in four states have been searched by federal agents looking for evidence of fraud involving viatical settlements. Agencies in Lexington, Ky., Grand Rapids and Byron, Mich., Lorain and Loveland, Ohio, and Atlanta were all searched.
According to early reports, no arrests have been made and documents relating to search warrants were still sealed. Losses from viatical settlement fraud is estimated at about $1 billion annually.
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