About: Guarantee Security Life Insurance Company     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : yago:WikicatDefunctFinancialServicesCompaniesOfTheUnitedStates, within Data Space : dbpedia.org associated with source document(s)
QRcode icon
http://dbpedia.org/describe/?url=http%3A%2F%2Fdbpedia.org%2Fresource%2FGuarantee_Security_Life_Insurance_Company

Guarantee Security Life Insurance Company, or GSLIC, represented one of the most severe cases of insurance fraud in Florida history. According to the Florida Insurance Commissioner: [GSLIC] was, almost from the beginning, a massive fraud, aided and abetted by blue-ribbon brokers and licensed professionals motivated by their own self-interest. The fraud at Guaranteed Security was a carefully orchestrated bank robbery. But the thieves disguised themselves with the help of accountants and brokers and lawyers rather than wearing silk-stocking masks.

AttributesValues
rdf:type
rdfs:label
  • Guarantee Security Life Insurance Company (en)
rdfs:comment
  • Guarantee Security Life Insurance Company, or GSLIC, represented one of the most severe cases of insurance fraud in Florida history. According to the Florida Insurance Commissioner: [GSLIC] was, almost from the beginning, a massive fraud, aided and abetted by blue-ribbon brokers and licensed professionals motivated by their own self-interest. The fraud at Guaranteed Security was a carefully orchestrated bank robbery. But the thieves disguised themselves with the help of accountants and brokers and lawyers rather than wearing silk-stocking masks. (en)
foaf:name
  • Guarantee Security Life Insurance Company (en)
name
  • Guarantee Security Life Insurance Company (en)
dcterms:subject
Wikipage page ID
Wikipage revision ID
Link from a Wikipage to another Wikipage
sameAs
dbp:wikiPageUsesTemplate
defunct
fate
  • Collapse (en)
hq location
industry
key people
  • Mark Sanford (en)
  • William Blackburn (en)
has abstract
  • Guarantee Security Life Insurance Company, or GSLIC, represented one of the most severe cases of insurance fraud in Florida history. According to the Florida Insurance Commissioner: [GSLIC] was, almost from the beginning, a massive fraud, aided and abetted by blue-ribbon brokers and licensed professionals motivated by their own self-interest. The fraud at Guaranteed Security was a carefully orchestrated bank robbery. But the thieves disguised themselves with the help of accountants and brokers and lawyers rather than wearing silk-stocking masks. The allegations by Florida insurance regulators against accounting firm Coopers & Lybrand ultimately led to a $4.5 million settlement. The U.S. Securities and Exchange Commission found that Merrill Lynch "failed to properly record the terms and conditions of certain transactions which involved the sale and repurchase of certain securities" and ordered that Merrill adopt procedures and controls to ensure compliance with the SEC's book's and record provisions and "cease and desist" from committing future violations. A $100 million settlement was reached between the Florida Department of Insurance and firms associated with the 1991 collapse of GSLIC. (en)
prov:wasDerivedFrom
page length (characters) of wiki page
fate
  • Collapse (en)
headquarter
industry
foaf:isPrimaryTopicOf
is Link from a Wikipage to another Wikipage of
is foaf:primaryTopic of
Faceted Search & Find service v1.17_git139 as of Feb 29 2024


Alternative Linked Data Documents: ODE     Content Formats:   [cxml] [csv]     RDF   [text] [turtle] [ld+json] [rdf+json] [rdf+xml]     ODATA   [atom+xml] [odata+json]     Microdata   [microdata+json] [html]    About   
This material is Open Knowledge   W3C Semantic Web Technology [RDF Data] Valid XHTML + RDFa
OpenLink Virtuoso version 08.03.3330 as of Mar 19 2024, on Linux (x86_64-generic-linux-glibc212), Single-Server Edition (62 GB total memory, 58 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2024 OpenLink Software