Jury Awards $15 Million in Punitive Damages Against MetLife for Ponzi Scheme Involvement

Jury Awards $15 Million in Punitive Damages Against MetLife for Ponzi Scheme Involvement

Last year MetLife and one of its subsidiaries were assessed $15 million in punitive damages by a jury for its failure to discover one of its agents was selling unregistered securities along with life insurance policies.  The unregistered securities were actually promissory notes which were allegedly invested in a $200 million Ponzi scheme.  The plaintiff, Christine Ramirez, claimed that MetLife’s subsidiary New England Life Insurance Company had an agent who was selling her these unregistered securities at the same time he was selling her life insurance.

The jury obviously wanted to send a message to MetLife that it was upset with the way MetLife supervised its agents.

Starr Austen & Miller has handled similar cases down through the years against life insurance companies.  Most recently, Starr Austen & Miller represented 35 clients of New York Life Insurance Company who purchased unregistered securities from New York Life’s top agent, Richard Schwartz, who was selling life insurance and unregistered securities from his Kokomo, Indiana office.  The Schwartz securities also turned out to be part of a Ponzi scheme.

If you or a loved one has been victimized by the products sold by a life insurance agent, you may have a claim against the agent and the company or companies which he or she represents.  Contact Starr Austen & Miller for a free, no obligation consultation.