New York Life Insurance Co. and Massachusetts Mutual Life Insurance Co. are caught in the Madoff crossfire. The carriers are being sued by Cummins Inc., which alleges that premiums paid by Cummins to the two carriers were partially invested with Bernard Madoff Investment Securities, LLC (BMIS). Cummins lost roughly $27 million as a result of the investments.
How exposed are MassMutual and New York Life variable products to Madoff investments?
Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).
For previous coverage of advisor scams in Advisor’ Journal, see Three Advisors Sentenced to Prison for Faith-Based Scam (CC 10-126) and Advisor Fakes Death to Avoid Fraud Charges (CC 10-83).
William Byrnes' Tax, Wealth, and Risk Intelligence 