The Atlanta Journal-Constitution published an investigative piece Sunday (link below) about a life settlement fraud case. From the piece:
[I]Five years before the federal government accused a Woodstock millionaire of running a multistate, multimillion-dollar Ponzi scheme, Georgia regulators had evidence he was operating without a license, in violation of state law.
Insurance Commissioner Ralph Hudgens was told repeatedly that Jim Torchia was buying other people’s life insurance policies without state approval. Fraud unit investigators also had evidence Torchia’s company advertised directl
Source of insurance-forums.net
[I]Five years before the federal government accused a Woodstock millionaire of running a multistate, multimillion-dollar Ponzi scheme, Georgia regulators had evidence he was operating without a license, in violation of state law.
Insurance Commissioner Ralph Hudgens was told repeatedly that Jim Torchia was buying other people’s life insurance policies without state approval. Fraud unit investigators also had evidence Torchia’s company advertised directl
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