Michael A. Horowitz

Broker admits using nursing home residents as pawns in annuities scheme, agrees to $850,000 settlement

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The mastermind of a financial fraud that victimized nursing home residents has admitted wrongdoing and will pay $850,000 in a settlement, the Securities and Exchange Commission announced Thursday.

Brokers stole dying nursing home residents' identities to carry out a lucrative fraud, SEC charges

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Two investment brokers and their associates are facing charges that they stole nursing home residents' personal information to perpetrate annuities fraud, the U.S. Securities and Exchange Commission announced Thursday. A $4.5 million settlement has been reached with some of the parties.