Welcome Companies Consumer Information Consumer Survey
Claim Experiences Press Releases Speakers' Corner Related Links Home
Toronto Star article 7/9/99
The article reports that U.S. states: MISSISSIPPI, ARKANSAS, TENNESSEE, OKLAHOMA AND MISSOURI are likely to recover less than 40 cents on the dollar following alleged fraud by money manager Martin Frankel. Frankel is believed to have embezzeled at least $218 million.
Federal investigators are reported to have said that Frankel used psuedonyms and partners to buy small insurance companies in states with reputations for lax insurance regulation. Taxpayers in Mississippi, Arkansas, Tennesse, Oklahoma, and Missouri will now have to pay for the money siphoned from these companies. These taxpayers are experiencing what insurance consumers continually experience, a lack of ethical corporate governance in the insurance industy and lack of consumer and taxpayer protection.
It is reported that Frankel used an unlicensed brokerage run from his house to siphon money from these companies.
Help others to make an informed decision
.....If you are interested in sharing your claims experience with others take the time to add your story concerning an insurance company, adjuster or contractor to our Speakers' Corner or Consumer Survey. In the past this individual experience has been unavailable with a few exceptions, other than as part of a statistic on consumer satisfaction. Become more than a statistic by sharing your experience with others.
Welcome Companies Consumer Information Consumer Survey
Claim Experiences Press Releases Speakers' Corner Related Links Home
Commercial Union ( CGNU Group ) Consumers'
Forum
c/o B.Shuttleworth
P.O.Box 235
Postal Station E
772 Dovercourt Rd.
Toronto, Ontario
Canada, M6H 2V0
brefni@cuconsumers.org
copyright © 1997-1999 by Brefni Shuttleworth