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U.S. Supreme Court Declines to Take Appeal of Criminal Convictions in STOLI Scheme

News outlets report that the U.S. Supreme Court has declined to take the appeal of an insurance broker and two other defendants sentenced to prison for defrauding insurance companies through a $100 million stranger-originated life insurance (STOLI) scheme.

The Second Circuit Court of Appeals had upheld the criminal convictions of Michael Binday and two other life insurance agents; the three defendants had sought for the U.S. Supreme Court to take up their appeal.

The Supreme Court denied certiorari on Monday, June 20.

A Law360 article, “Supreme Court Refuses Insurance Investor Fraud Appeal,” is available here.