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Vanguard Asset Group Inc.
Fidelity Group Inc.
GoUpstate.com: An online service of the Spartanburg Herald-Journal
WEVA.com - Former Vanguard President Sentenced for Embezzlement, Fraud
In May 2012, Samuels had entered a guilty plea to one count of embezzlement in connection with a health care benefit program (18 U.S.C. § 669) and one count of conspiracy to commit bank fraud (18 U.S.C. § 1347).
A federal grand jury had indicted Samuels in 2005 for the embezzlement of premium payments that had been paid to Vanguard for health care coverage and for devising a scheme to defraud clients, including members of WEVA, beginning in 2001.
Cease-and-desist orders were issued against Vanguard by state insurance regulators in 2002, a time when undetected schemes had begun to proliferate.
According to the Department of Labor, Samuels falsely represented to several client plans that Vanguard had availed itself of stop-loss insurance to cover large medical claims.
Following the 2005 federal indictment, Samuels was rearrested in 2011 on mortgage fraud charges.
The case of United States v. Dwayne Samuels was investigated by the New York Regional Office of the Employee Benefits Security Administration (EBSA) and the Office of the Inspector General of the U.S. Department of Labor.
The case was prosecuted by the U.S. Attorney's Office, Eastern District of New York.
WEVA.com - Former Vanguard President Indicted For Embezzlement
Samuels was indicted for embezzlement of payments intended to provide health care coverage and for devising a scheme to defraud members of the Wedding & Event Videographers Association International (WEVA) and the American Financial Management Association Group (AFMA), according to the Labor Department.
Samuels allegedly carried out the fraud by falsely representing to WEVA members that Vanguard carried stop-loss insurance coverage to pay claims in excess of the assets that Vanguard had and by embezzling for
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