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Three Insurance Agents Charged in $100 Million Fraud Scheme

Three insurance agents based in New York and Florida were charged with using straw buyers to obtain more than $100 million in life insurance policies they resold to third-party investors.

Michael Binday, 48, of New York; James Kevin Kergil, 57, of Peekskill, New York; and Mark Resnick, 56, of Orlando, Florida, were charged with conspiracy, fraud and obstruction of justice, Preet Bharara, the U.S. attorney in Manhattan, said in a statement today. They each face as long as 80 years in prison if convicted, he said.