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Advisor convicted of defrauding NBA players through viatical life sales

8 hours ago
Image shows money and a basketball and the word "Fraud" in lights
A California investment adviser was convicted of defrauding three former NBA players out of more than $5 million, federal prosecutors said. Read more
More Top Stories
TOP NEWS
  • Market reports turn economic trends into a strategic edge for advisors

  • How AI can drive and bridge the insurance skills gap

  • SEC in ‘active and detailed’ settlement talks with accused scammer Tai Lopez

  • Sketching out the golden years: new book tries to make retirement planning fun

INSURANCENEWSNET MAGAZINE

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In this issue...

  • What’s next for Congress in 2026?
  • Relationships: The foundation of sales
  • The first of everything — with Uziel Gomez
  • Keeping it simple — With Bill Egan
  • Using cash value life insurance as a buffer asset in retirement
  • The silent retirement savings killer: Bridging the Medicare gap
MORE MAGAZINE

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SPECIAL FEATURE

Rethinking whether annuities are too late for older retirees

"I'm too old for an annuity" represents one of your greatest untapped opportunities. Read More

MORE FEATURES

From The Field

How technology is changing personal injury auto claims

The auto insurance claims operation in 2026 looks almost nothing like it did five years ago.

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    Personal lines stabilization doesn’t mean agent complacency

    Personal lines are entering 2026 with real signs of stabilization, but not the kind that lets agents relax underwriting discipline or reset client expectations.

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      Employment trends are reshaping the insurance industry

      Insurers occupy a dual role in today’s employment environment.

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      More From The Field

ADVISOR NEWS

Geopolitical instability and risk raise fears of Black Swan scenarios

Although Black Swan events are not seen to be immediately likely, these rare, high-impact scenarios are perceived as increasingly plausible and should be considered by executive boards given their potential consequences.

  • Structured Note Investors Recover $1.28M FINRA Award Against Fidelity
  • Most women say they are their household’s CFO, Allianz Life survey finds
  • MassMutual reports strong 2025 results
  • The silent retirement savings killer: Bridging the Medicare gap
  • LTC: A critical component of retirement planning
More ADVISOR NEWS

NEWSWIRES

An Application for the Trademark “TACTICAL WEIGHTING” Has Been Filed by Great-West Life & Annuity Insurance Company: Great-West Life & Annuity Insurance Company

2026 MAR 04– By a News Reporter-Staff News Editor at Insurance Daily News– According to news reporting originating from Washington, D.C., by NewsRx journalists, a trademark application has been made for“ TACTICAL WEIGHTING” by Rachel A. Rice, representing Great-West Life& Annuity Insurance Company. This application was made available to the public on February 16,…

  • Data from Nanjing Agricultural University Provide New Insights into Risk Management (The Impact of Extreme Precipitation On Agricultural Enterprises’ Insurance Purchasing Behavior): Risk Management
  • AM Best Affirms Credit Ratings of The Cigna Group and Its Subsidiaries
  • New Investment Study Findings Have Been Reported by Investigators at Federal Reserve Bank (Optimal Monetary Policy for the Masses): Investment
  • Parrett Insurance Agency earns ‘Presidential Agency Partner’ distinction
  • Investigators at Federal Reserve Bank Report Findings in CDC and FDA (Real-time Estimates of Differences In Real Expenditure Growth and Inflation Across Households): CDC and FDA
More NEWSWIRES

INN Insider

Historic win: Kraken gains direct access to Federal Reserve payment system

Kraken became the first cryptocurrency exchange to obtain a Federal Reserve master account, according to a Wall Street Journal report, gaining direct access to Fedwire and dramatically reducing its reliance on traditional bank intermediaries.

  • Crypto is winning its challenge to traditional banks
  • Broker Action Coalition Launches Fundraising Campaign to Fuel Continued Advocacy Efforts
  • Kraken Becomes First Crypto Exchange to Access Federal Reserve Payment System
  • Balboa Bail Bonds Opens New 24-Hour Office Near San Diego Central Jail to Better Serve Downtown San Diego
More INN Insider

Annuity News

Rethinking whether annuities are too late for older retirees

"I'm too old for an annuity" represents one of your greatest untapped opportunities. Read More

  • Advising clients wanting to retire early: how annuities can bridge the gap
  • Regulators ponder how to tamp down annuity illustrations as high as 27%
  • Annual annuity reviews: leverage them to keep clients engaged
More Annuity News

Life Insurance News

LIMRA: Individual life insurance new premium sets 2025 sales record

Total new annualized premium increased 10% year over year to $17.5 billion in 2025, according to preliminary results from LIMRA... Read More

Kyle Busch, PacLife reach confidential settlement, seek to dismiss lawsuit

NASCAR driver Kyle Busch and his wife, Samantha Busch, have reached a confidential settlement with PacLife and two other defend... Read More

Life insurance apps hit all-time high in January, double-digit growth for 40+

Life insurance application activity grew 9.5% in January, the highest year-over-year growth rate for any January on record, acc... Read More

  • ‘Inappropriate’: CT regulator slams PHL investors for intervention bid
More Life Insurance News

Health/Employee Benefits News

Iowa insurance firms warn bill would make health costs rise

DES MOINES— Iowa insurance companies expressed stern opposition Tuesday to state lawmakers' proposal for a one-time, short... Read More

Farmers among many facing higher insurance premiums

MCCRACKEN COUNTY— Farmers faced many challenges last year, including low commodity prices, high input costs and being stuck in ... Read More

Mark Farrah Associates Analyzed the 2024 Medical Loss Ratio and Rebates Results

In the latest Healthcare Business Strategy report, Mark Farrah Associates, www.markfarrah.com, summarized key findings from the... Read More

  • PID finds violations by Aetna Insurance
More Health/Employee Benefits News
inn-insider

Kraken Secures Federal Reserve Master Account for Direct Payments

TLDR Kraken Financial secured a Federal Reserve master account from the Federal Reserve Bank of Kansas City. The approval gives... Read More

States try ‘public option’ Obamacare plans to reduce coverage costs

Nearly two decades ago, progressives fought to include a so-called public option — a government-run health plan — in the broad ... Read More

Democrats again pitch for BadgerCare ‘public option’ to expand health coverage

With rising costs for health insurance purchased through the Affordable Care Act, Democrats in the Legislature are proposing an... Read More

  • Kraken Secures Federal Reserve Master Account, Marking First Ever for Crypto Firms
More INN Insider News

Property and Casualty News

3 things to know about blockbuster New Orleans staged wreck trial as opening arguments begin

Opening arguments began Wednesday morning in the blockbuster insurance fraud trial of two New Orleans personal injury lawyers a... Read More

Florida Reforms Stabilizing Insurance Markets

TALLAHASSEE, Fla., March 04, 2026-- During National Consumer Protection Week, the Personal Insurance Federation of Florida is h... Read More

State Farm, Travelers, and Progressive Homeowners Insurance Customers Have Opportunity to Join Schall Law Firm Investigation into Insurers’ Decision to Change Insurance Deductibles and Terms Without Homeowners’ Knowledge

LOS ANGELES, March 04, 2026-- The Schall Law Firm, a national litigation firm, announces that it is investigating claims on beh... Read More

  • Why doesn’t travel insurance cover war?
More Property and Casualty News

Insurance & Financial Fraud

Former Connecticut investment advisor indicted for fraud in $3.3M 'free-riding' scheme, feds say

Mar. 3— BRIDGEPORT— A former Connecticut broker and investment advisor has been indicted for defrauding three financial service... Read More

Wisconsin releases enforcement actions for February

The Wisconsin Office of the Commissioner of Insurance recently released a list of administrative actions for February. The acti... Read More

SEC Obtains Final Consent Judgment as to Senior Executive of Brazilian Company Charged With Fraud

The Securities and Exchange Commission announced today the entry of a final consent judgment as to Fernando Passos in the SEC&a... Read More

  • Former NFL player convicted in nearly $200M Medicare fraud scheme
More Insurance & Financial Fraud

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