The Securities and Exchange Commission today announced enforcement actions against a pair of brokers, an investment advisory firm, and several others involved in a variable annuities scheme to profit from the imminent deaths of terminally ill patients in nursing homes and hospice care. 

SEC complaint against Michael A. Horowitz and Moshe Marc Cohen.  Click on the link to read the SEC complaint.

Rabbi Harold Ten alleged to engage in scheme to exploit the dying

Discussion by Joseph M. Belth about the SEC Complaint.

Reuters - SEC Announces Charges

SEC Announces charges against Jewish leaders for exploiting the dying.

Update on Hershy Ten

This is a hysterically funny case of a Rabbi and some brokers working together to get personal information on dying people and parlaying this info into big money by buying variable annuities for these dying people who can't possibly use the annuities because they are dying but the death benefit at the end of the life of the annuity holder is very attractive as a short term investment.  The fraud was that the brokers falsely claimed that the investments were intended to be long term investments when they knew good and well that the guy was dying and that they would collect on the death benefit right away.   If you are looking for a good laugh, click on the above links and enjoy yourself.