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U.S. Securities and Exchange Commission

Mutual Benefits Corp., et al.

On May 4, 2004, the SEC obtained a temporary restraining order and asset freeze against Mutual Benefits Corp., Joel Steinger, Leslie Steinger, and Peter Lombardi in connection with an alleged billion dollar fraudulent securities offering affecting more than 29,000 investors worldwide.  In addition, the Court appointed Bob Martinez, Esq. as Receiver over MBC.

In simultaneous filings, the State of Florida's Department of Financial Services-Office of Insurance Regulation filed an emergency cease-and-desist order against MBC suspending MBC's license to operate as a viatical settlement provider.  The State of Florida's Office of Statewide Prosecution also issued a 16 count criminal information against MBC.

For more information about the SEC's action, you can read Litigation Release No. 18698 (May 6, 2004).

For more information, please visit the Receiver's website.


Modified: 05/10/2004