Six men, including four Utahns, were indicted by a federal grand jury Thursday for their part in a scheme that left Pennsylvania holding $5.3 million in unpaid health and life insurance claims.
According to the U.S. attorney's office, the six operated sham companies that pretended to reinsure policies held by a major carrier, World Life and Health Insurance Co.For a fee, the phony companies promised to provide funds if World Life had to pay off on a claim that exceeded its assets. But the companies used worthless stocks to inflate their balance sheets and never had the money to cover the policies, prosecutors said.
Charged were Philip Andre Rennert of Las Vegas; Michael Lewis Miller of Beverly Hills, Calif.; George Raymond Jensen of Riverton, Utah; and Jeffrey Curtis Hays, David Rex Yeaman and Nolan Leigh Mendenhall, all of Salt Lake City.