That’s great news that these guys have been charged. Anyone ever hear what happened with the group from Poe Financial? I thought the OIR had been working on that case as well.
My understanding is that Poe technically didn’t do anything illegal. I think OIR (Kevin McCarty) was just doing his typical tough-guy act…but in truth they didn’t have anything to go on.
POE followed the takeout carrier model. Assume as many policies as you can, take huge bonus money even when the company doesn’t make money, close up shop. Now not all takeout carriers do this, but there are enough of them to generalize.
I thought I remember reading an article from the St. Pete Times regarding the transfer of large sums of money (totalling $150mm?) to Poe family members about one year prior to their insolvency. I may have been mistaken but I thought the OIR was pursing criminal charges for this.
That’s great news that these guys have been charged. Anyone ever hear what happened with the group from Poe Financial? I thought the OIR had been working on that case as well.
My understanding is that Poe technically didn’t do anything illegal. I think OIR (Kevin McCarty) was just doing his typical tough-guy act…but in truth they didn’t have anything to go on.
POE followed the takeout carrier model. Assume as many policies as you can, take huge bonus money even when the company doesn’t make money, close up shop. Now not all takeout carriers do this, but there are enough of them to generalize.
I thought I remember reading an article from the St. Pete Times regarding the transfer of large sums of money (totalling $150mm?) to Poe family members about one year prior to their insolvency. I may have been mistaken but I thought the OIR was pursing criminal charges for this.
Poe opened an agency in Tampa and later sold Northern Capital policies and they sunk as well.