When one man is insured 44 times, suspicions arise

How many life insurance policies does one person need? Not as many as Michael Antonello sold his clients, state regulators said Friday.

[Mr Secant]

"We do feel like this is the tip of the iceberg," said Rowen of the Minnesota Insurance and Financial Services Council. "We suspect there is a lot more out there."

It's much easier, makes more revenue and takes less work to do prostitution stings, shake down drug dealers and set up speed traps!

[Jim]

This proposed legislation is nothing but a gift to the insurance companies. Here in Florida, there are many more seniors than in Minnesota. Many of them are able to enjoy their final years by selling their insurance policies. The insurance companies want these elderly folks to only have the choice of turning these polices back to the companies for so called. "cash surrender value", a far lesser amount than they can get for them on the open market. Thus the insurance company pockets the profit, at the elderly citizens expense, There are legitimate companies, listed on the major stock exchanges, that do nothing but buy these policies. The insurance lobby is using a rare criminal case, to scare the legislature into banning this source of revenue for the elderly. I have no involvement with the insurance industry , or the buying of Life ins, policies in any way, other than owning polices I bought 50 years ago, but I can sure spot a piece of red herring legislation when I see it! Why not just fine this guy big time , send him to jail, and enforce existing licensing laws! That sends a message!

[Da Gouchie]

This bum who took the money thinks it is still a country run by a crook called bush. Time for all greedy bums to close down.

[Brenda]

It's time to get out the voter registration lists and triple the tax on everyone registered as a Democrat.

[Robert Dudacek]

Brenda wrote:

It's time to get out the voter registration lists and triple the tax on everyone registered as a Democrat.

You are a freak...why are you bothering everyone with your nonsensical chatter that is not the least bit related to the article?

[sugarman]

So, the insurance companies pursued this guy before, right? And the law suits didn't stick, right? Apparently not. And license suspension is a "less severe punishment"....!

Your article seems way over the top. Why didn't you wait to see how this story FAIRLY unfolds? When IT'S all settled, I hope this strong supporter of Minneapolis arts sues the b'jesus out of you.

[What]

Ahh I got news for the Commerce Department...the STOLI market is not Illegal.

Somethign totally sitnks here and it is not the Agent. If this were a sincerely suspiscious or quetionable business practice would the sophisticated insurance companies continue to write and sell policies through the same agent for 10+ years. It's a witch hunt becasue as EVERYONE knows, Insurance companies make huge gains when folks let tehir policies lapse, because then the never have to pay out death benifits. The STOLI market or any secondary insurance market keeps these policies alive and the obligation to eventually pay out the death benfit active. They are attacking this man because he was smart as hell, made a bundle doing somethign totally legal and obviously kept in business a very long time by companies who were there every step of the way.

This was not fraud, it was not embesslment it was not a ponzi. By the Commissioners own admission there is legislation in teh works to regulate this, implicit in that is that historically and presently this is NOT illegal.

There is no story other than the Insurance Co's are in bed with the Commerce Department. So all they can do is temporily suspend his liscence to further investigate, but it will go no where in court cause the bottom line is, there is absolutly nothing illegal here.

[Hairpin]

Just be cause it's not illegal doesn't mean it's not immoral. If the elderly actually supplement their income as the man in Florida states, let them do it with a reputable agent in a regulated manner. Unless I am mistaken, it appears that this agent is a predator; no different than any other con artist going after the elderly. And, last time I checked, Fraud and Forgery ARE crimes, as in "criminal", as in "prison.

[premature press]

sugarman wrote:

So, the insurance companies pursued this guy before, right? And the law suits didn't stick, right? Apparently not. And license suspension is a "less severe punishment"....!
Your article seems way over the top. Why didn't you wait to see how this story FAIRLY unfolds? When IT'S all settled, I hope this strong supporter of Minneapolis arts sues the b'jesus out of you.

I agree. This publicity will ruin his reputation and punishment/losses have already begun before any fare trial or suit unfolds. I'm surprised that soo much information about the insured holders is being put out to the public. I would think that this borders on violation of privacy by the insurance companies.

[american]

Hairpin wrote:

Just be cause it's not illegal doesn't mean it's not immoral. If the elderly actually supplement their income as the man in Florida states, let them do it with a reputable agent in a regulated manner. Unless I am mistaken, it appears that this agent is a predator; no different than any other con artist going after the elderly. And, last time I checked, Fraud and Forgery ARE crimes, as in "criminal", as in "prison.

I don't beleive there was a trial verdict already announced. In America, you are innocent until proven guilty! Therefor you are mistaken.

[capitalist]

Da Gouchie wrote:

This bum who took the money thinks it is still a country run by a crook called bush. Time for all greedy bums to close down.

How greedy can someone be who is helping older insured people re-coupe income from their life insurance policy premiums. He should also be allowed to make money just like the insurance companies do. It's legal.