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In January, 2001, Michigan took administrative action against the Florida company, Mutual Benefits Corp. The company signed a consent order in which it agreed not to sell viatical settlement contracts unless in full compliance with the Michigan Uniform Securities Act. In May, 1999, Michigan took administrative action against a Mutual Benefits Corp. agent, Gary Lee Harden. The agent signed a consent order to revoke his registration and censure.
On May 6, 2004, Florida regulators and the federal Securities and Exchange Commission (SEC) shut down Mutual Benefits Corp. The regulators cited "violations of Florida and federal laws involving securities violations, fraud and misrepresentation."
The US District Court for the Southern District of Florida appointed a Receiver to handle the business operations of the company. Any Michigan residents who have a Mutual Benefits viatical settlement investment should contact the Receiver either at its website: www.mbcreceiver.com or the hotline at: 1-877-267-1351.
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