TAG | Steven Brasner
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Steven M. Brasner, an agent with Infinity Financial Group LLC in Davie, Fla., was arrested April, 2010 and charged with 22 counts of grand theft, insurance fraud and aggravated white collar crime.
Axa Equitable Life Insurance Co., which sued Mr. Brasner in 2008 in connection with this case, had notified Florida’s state regulators of the suspicious policies. Axa notified the regulators in adherence to state rules that require carriers to report suspected fraud activity.
According to an InvestmentNews.com article, officials in Florida, including the state finance chief and attorney general, charged that Mr. Brasner created a scheme to sell policies taken out on the lives of senior citizens on the secondary market, then identified his victims and scammed them into buying a policy. As part of the scheme, he falsified the clients’ net worth. Though it’s legal to sell policies over the secondary market, purchasing insurance with the express purpose of selling it violates state insurable interest laws.
Brasner made more than $1.6 million in commissions on the policies, based on some $78 million in total death benefits, according to regulators.
Florida State officials also claim that Mr. Brasner told the senior clients that he would pay them between 3% to 5% of the face value of the life insurance policies following the two-year contestability period when the contracts were sold over the secondary market. He also allegedly told the elderly Axa clients that they wouldn’t have to pay for the premiums out of pocket.
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