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Whether we are fighting insurance fraud, arson or a financial scam, protecting Floridians from fraud and abuse is our top priority at the Department of Financial Services. Just a few years ago, we saw a rapid rise in complaints regarding viatical, or life, settlements. Viatical settlement brokers and providers match those who want to sell their life insurance policies at a discount with investors willing to buy the rights to those policies. However, scam artists infiltrated the industry and the department ended up taking action against 16 viatical settlement companies for fraud and deception, among them Mutual Benefits Corporation, a company that defrauded nearly 30,000 investors. Today, an accountant who headed up Mutual Benefits is expected to plead guilty to securities fraud. Last year, I stood with Gov. Jeb Bush as he signed a law defining viatical settlements as “securities” and placing regulatory authority over the viatical industry with the Office of Financial Regulation. Our purpose in pushing for this legislation was to allow us to effectively root out and prosecute the fraudulent operators in this industry and protect Floridians from being duped out of their hard-earned savings because of pie-in-the-sky promises made by dishonest viatical operators. It is estimated that viatical fraud has cost investors at least $2 billion since 1996, and the average age of those defrauded by viatical companies is 70 and the average amount swindled is $40,000. We will not tolerate anyone taking advantage of our citizens, and the news of today’s plea indicates our aggressive actions are working.
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GALLAGHER ANNOUNCES FREE HOME INSPECTIONS TO START IN PALM BEACH AND TREASURE COAST COUNTIES Tom Gallagher, Florida’s chief financial officer, announced that free home inspections will soon begin in Palm Beach, Martin, St. Lucie and Indian River counties for nearly 2,200 homeowners who applied through the My Safe Florida Home program. The program, funded with $250 million by the Florida Legislature, was created to better protect Floridians by strengthening their homes against hurricanes and to reduce the state’s exposure to hurricane damage. “Before this hurricane season ends, my goal is to provide 12,000 free home inspections across the state to help Floridians strengthen their homes and better protect their families against catastrophic storms,” said Gallagher, who oversees the Department of Financial Services which administers the My Safe Florida Home program. Gallagher said that homeowners in Palm Beach, Martin, St. Lucie and Indian River counties who have already submitted completed applications will be contacted by a department-approved inspector to schedule an inspection. The department has already received 1,935 completed applications and will be able to serve another 265 homeowners in these four counties. Future applicants will be served with additional funding of the My Safe Florida Home program. CONTINUED |
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GALLAGHER ANNOUNCES SENIOR DAY IN THE PANHANDLE Tom Gallagher, Florida’s chief financial officer said that the Florida Department of Financial Services is partnering with Wal-Mart Stores and the local Better Business Bureau to host a 2006 Senior Day Expo in Pensacola. The event will take place on Saturday, November 4 from 9 a.m. to 3 p.m. at the Wal-Mart Supercenter, located at 2650 Creighton Road. The event is free and open to the public. “Florida is currently home to more than 2.9 million Floridians over the age of 65 and that number is projected to grow by as much as 30 percent over the next 10 years,” said Gallagher, who oversees the department. “Many seniors have so much to keep up with – their health, family and finances – and they are interested in getting information and assistance to help them juggle these priorities. This Expo is a collaborative effort to help educate seniors about the services available to them in Northwest Florida.” CONTINUED |
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MIAMI MAN ARRESTED FOR STEALING STATE EDUCATION
FUNDS |
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NATIONAL HURRICANE CENTER DIRECTOR MAX MAYFIELD HONORED Members of the Florida Cabinet and the governor passed a resolution honoring the more than 30 years of public service by Max Mayfield, director of National Oceanic and Atmospheric Administration's (NOAA) National Hurricane Center located in Miami. Director Mayfield, who has led the National Hurricane Center since January 2000, will retire at the end of this year. Director Mayfield's career of service and leadership has resulted in improved forecasts, enhanced warning coordination and increased preparedness. Mayfield came to the National Hurricane Center in 1972, following a 2-year stint as a forecaster with the U.S. Air Force. Mayfield has served the National Hurricane Center in various professional capacities, rising from the position of Satellite Meteorologist through the ranks to the position of Deputy Director in 1998, then Director in 2000. Early in his career, Max recognized that the battle against hurricanes is won outside of hurricane season. He has successfully developed the annual 'hurricane hunter' preparedness tours, visiting vulnerable locations along the United States and Caribbean coasts to educate residents on the dangers of severe tropical events. For more information on hurricane preparedness, please visit www.Floridadisaster.org. |
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FLORIDA BUSINESSES ENCOURAGED TO HIRE PERSONS
WITH DISABILITIES |
