James A. Capwill and Richard Jamieson—Insurance Fraud

ohio stockbroker fraud attorneysJames A. Capwill and Richard Jamieson Allegedly Ran a $105 Million Insurance Fraud Operation Involving 2,800 Investors across the U.S.

James A. Capwill and Richard Jamieson allegedly operated a $105 million nationwide insurance scheme targeting investors who bought insurance policies of terminally ill people, according to the U.S. attorney’s office in Toledo, Ohio.

The attorney’s office goes on to explain that allegations involve an instrument known as viaticals, investments that give terminally ill patients money to spend during their last days.

Jamieson’s Liberte Capital Group of Toledo, a viatical company, purchases the life insurance policies at a fraction of the payout value, and then sells them to investors. When the person dies, the investors are paid off.

Investigators Claim Many Liberte Capital Policyholders already Had Terminal Illnesses or Were HIV-positive, and Did Not Disclose This to Insurers

Jamieson and Capwill have been accused by the IRS of allegedly having an agreement to skim money from investors’ funds at Liberte, and that Capwill would give the money to Jamieson through R.J. Management, while purportedly claiming that no one at Jamieson’s company know about it, according to Court Records from Toledo.

Ohio investigators further allege that many Liberty Capital policyholders already had terminal illnesses or were HIV-positive, and did not disclose this to insurers.

Ohio prosecutors are seeking $105 million in assets from Jamieson, including his $1.4 million home, his vacation home and several companies, and, in charges filed in October, Capwill was accused of allegedly stealing $39 million from the escrow account and spending it on homes and cars, according to Court Records from Toledo.

The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors

The Peiffer Wolf Carr & Kane securities lawyers are assisting investors who lose money as a result of insurance fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of insurance fraud are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.