SpitzerAG.com
FACT: New York Attorney General Eliot Spitzer knowingly turned his head and looked the other way when he found that the financial statements of the Mutual of New York (MONY) were fraudulent, that the company had been taken public with fraudulent statements and opinion letters that PricewaterhouseCoopers had knowingly falsified and that a massive fraud on the public had occurred. This CUT & RUN SCUMBAG took the cowards way out of a mess that he got into while polishing his own image as a crime fighter!
During 1999 Spitzer and Connecticut Attorney General Richard Blumenthal investigated MONY's sale of ponzi retirement policies to dairy farmers in New York and Connecticut and fined the company while obtaining restitution for the farmers. Both of the scumbags then ignored hundreds of thousands of other policyholders who were similarly situated and had been victimized by corporate THUGS at MONY and PricewaterhouseCoopers. They knowingly entered into a criminal conspiracy to aid other regulators in hiding the criminal wrong doing that originated in the early 80s.
ELIOT SPITZER AG/NY WILLIAM F. GALVIN Richard Blumenthal
I personally provided these scoundrels with copies of the New York Department of Insurance Examination of MONY that revealed more than $600,000,000 in illegal transactions, sworn affidavits of 2 CPA detailing the accounting fraud, copies of the Florida Department of Insurance examination that revealed a $1.3+billion discrepancy in the surplus account, a 4.5million dollar money laundering scam, falsified expense vouchers used for gambling money, information concerning the Secret Phantom Stock that was used along with the fraudulent financial statements to steal 10s of millions of dollars by Senior officers of the company.
Massachusetts Secretary of the Commonwealth, William F. Galvin and his "girl" Antigone Simmons will be found under the same rock as Spitzer and Blumenthal..........
Accounting fraud at MONY and Enterprise Funds
William Francis Galvin
Secretary of the Commonwealth
State House, Room 337
Boston, MA 02133
cis@sec.state.ma.us
Dear Mr. Galvin:
Neither you nor anyone else in your state can produce an accurate, concise and properly opined financial statement for MONY for 20 years. The same applies to their Enterprise Funds. According to Mr. Anthony M. DiPaolo, Deputy Chief of Investigations for the Massachusetts Insurance Fraud Bureau, MONY may in fact be the largest insurance fraud case in American history. After he and the Bureau reviewed the documents and records he stated that they could not understand how the insurance and securities regulators could have let it go on for so long. Shortly after his statements his files were removed and the case was transferred to another governmental agency for burial.
According to the sworn affidavit of "Bush Team" endorsed CPA, R. Larry Johnson, MONY first started cooking their books in 1982. Coopers & Lybrand / PricewaterhouseCoopers has issued unqualified opinions falsely claiming to be independent on financial statements with hundreds of millions of dollars in illegal transactions. MONY's Chairman, Michael I. Roth, is a former Coopers & Lybrand partner. Mr. Johnson, whose affidavit detailing more than $600,000,000 in illegal transactions is available @ http://monybush.com/LarryJohnson.html. He was unaware of the Florida Department of Insurance letter to Mr. Roth at the time of his affidavit and did not know of the outside financial dealings between MONY and Coopers & Lybrand that violated the auditor independence rules. The Florida letter detailing more than a billion dollars in mistakes in the surplus accounts is available at http://www.MONYBUSH.com/
During 1998 PricewaterhouseCoopers used the fraudulent financials to take MONY public with the blessing of the SEC's Northeastern Regional Director, Carmen J. Lawrence. Ms. Lawrence was then rewarded with the position of Copartner to Harvey Pitt at Fried, Frank, Harris, Shriver & Jacobson. Mr. Pitt was then appointed Chairman of the Securities and Exchange Commission by President Bush. Mr. Pitt and his minions at the SEC then refused to answer FOIA requests to protect PWC over their illegal dealings with MONY. See Public Company Accounting Oversight Board letter for details @ http://pwcsucks.com/_wsn/page2.html.
Additional information about corruption at the Securities & Exchange Commission and the Grand Jury Letter to Governor G. W. Bush is available @ http://www.MONYINTERNATIONAL.com/ and http://www.MONYBUSH.com/
http://www.MONYSUCKS.com/.
Can you help me obtain an accurate, concise and properly opined financial statement for MONY prior to the AXA Financial takeover. I am a policyholder, a family member of a shareholder and have suffered several million dollars in losses as a result of this fraud. I only want what the law says I am entitled to receive.
I have held securities and life insurance licenses for over 30 years in Texas and make this report of fraud to you as mandated by Article 1.10d of the Texas Insurance Code. Please feel free to contact me at 817 267-2020 with any questions.
Respectfully,
R. Dale Abshire
3308 Pin Oak Lane
Bedford, Texas 76021
___________________________________________________________________________________________________
Subj: PricewaterhouseCoopers / MONY conflict
Date: 09/18/2003 10:01:54 AM Central Standard Time
From: RAbshire
To: Richard.Silver@axa-financial.com
CC: CutlerS@sec.gov, CarlinW@sec.gov, RashkoverB@sec.gov, foia/pa@sec.gov
Richard Silver
General Counsel
AXA Financial Inc.
Dear Mr. Silver:
As a MONY policyholder and a member of the insurance and securities industry for over 30 years I want to make you aware of a serious "CONFLICT" by PricewaterhouseCoopers with regard to the MONY transaction. As you are aware PWC represents itself as the independent auditor for both MONY and AXA. The opinion letters issued by PWC and filed with MONY's financial statements are false!
For brevitys sake I have posted the information concerning MONY's fraudulent financial statements and the looting of the company on the following web sites:
http://www.PWCSUCKS.com/ http://www.MONYBUSH.com/ http://www.MONYINTERNATIONAL.com/
http://www.TAMUEX.com/ http://MONYSUCKS.com/
You may want to bring this matter to the attention of the AXA Board of Directors before diving into this cesspool of filth and corruption.
Please feel free to contact me with any questions or document requests.
R. Dale Abshire
3308 Pin Oak Ln.
Bedford, Tx 76021 817 267-2020
_______________________________________________________________________________________________
Subj: att: William J. McDonough
Date: 04/29/2003
To: info@pcaobus.org
CC: CutlerS@sec.gov, CarlinW@sec.gov, RashkoverB@sec.gov, foia/pa@sec.gov
William J. McDonough, Chairman
Public Company Accounting Oversight Board
1666 K Street, NW
Washington, DC 20006-2803
Dear Mr. McDonough:
As a 30+ year member of the insurance and securities industry I was pleased to see your appointment as Chair of the PCAOB and applaud your willingness to accept the job of cleaning up the accounting industry. Restoring consumer confidence in our markets and the folks that regulate it are a most important factor in restarting the economy.
I would like to call your attention to a matter involving PricewaterhouseCoopers and the fraudulent financial statements of MONY Group, Inc. and ask your help in obtaining information that the SEC has refused under Freedom of Information. I am a former 19 yr employee that successfully sued MONY in the early 90s over my termination. As a result of discovery in that case I became aware of serious criminal acts by MONY's Senior Officers and BoD members. I obtained a copy of an N.A.I.C. examination of the company that revealed over $600,000,000 in illegal transactions on their financial statements. I later obtained a copy of an investigation by the Florida Department of Insurance that revealed a $1.3 billion discrepancy in the surplus account. I also obtained a copy of the "Secret Phantom Stock Plan" that paid 10s of millions of dollars to officers of the company as a result of the false claims on the financial statements. Those false statements were also used to illustrate dividends on the ponzi contracts that were sold to the public as "investment grade" life insurance contracts.
According to the sworn affidavit of "Bush Team" endorsed CPA, R. Larry Johnson, MONY first started cooking their books in 1982. Coopers & Lybrand / PricewaterhouseCoopers has issued unqualified opinions falsely claiming to be independent on financial statements with hundreds of millions of dollars in illegal transactions. MONY's Chairman, Michael I. Roth, is a former Coopers & Lybrand partner. Mr. Johnson, whose affidavit is available on the http://www.PWCSUCKS.com/ site, was unaware of the Florida Department of Insurance letter to Mr. Roth at the time of his affidavit and did not know of the outside financial dealings between MONY and Coopers & Lybrand that violated the auditor independence rules.
Prior to MONY's IPO in November of 1998 the SEC first confirmed (Joseph Dimaria) that MONY had filed fraudulent financial statements with the SEC and then denied that they ever filed any statements with the SEC (Carmen J. Lawrence). MONY has filed with the SEC since at least the early 70s! You may read the SEC letters on the http://www.MONYINTERNATIONAL.com/ site along with the WSJ article that was written after MONY's IPO. The SEC claimed they were investigating MONY and couldn't talk about it. Three years later they admitted that there had never been an investigation and now refuses to answer FOI requests.
Attached below are copies of a couple of FOI requests that the SEC has refused to answer. Can you help me obtain these documents along with a copy of an accurate financial statement that contains the opinion of an independent accountant?
Your help will be greatly appreciated. Please do not hesitate to contact me at 817 267-2020 if you have any questions or need documentation.
Respectfully,
R. Dale Abshire
3308 Pin Oak Ln.
Bedford, Texas 76021
Spitzer / MONY news articles:
$1 MILLION RECOVERED FOR UPSTATE DAIRY FARMERS
Dozens of Farmers Would Have Lost Retirement Savings in Fraudulent Financial Plan----->Attorney General Eliot Spitzer and Assembly Member Paul Tonko today announced a $1 million settlement for a group of upstate dairy farmers who unknowingly invested in a fraudulent financial plan.Beginning in the early 80s, farmers from the Mohawk Valley, Capital District and Central New York invested in a financial plan offered by four agents from Mutual of New York (MONY). The plan was supposed to provide retirement and death benefits. By 1997, however, the plan had run out of money and benefits were no longer being paid to members. In announcing the settlement with MONY, Spitzer said: "I'm delighted that we've been able to recover the money and return some piece of mind to the farmers. These are all honest, hard working individuals who had invested a significant portion of their earnings in what they believed to be a reputable plan. This settlement will help restore financial stability for many farm families." Assembly Member Tonko said: "I am pleased to work with Attorney General Spitzer on behalf of so many dairy farmers to help return their hard-earned dollars. I applaud the Attorney General for his determination to pursue this case so aggressively, and give much needed attention to New York's largest industry."More than half of the dairy farmers who entered the plan are now of retirement age. Under the settlement, the farmers will receive an average refund of between $25,000 and $35,000, depending on their age and the amount they contributed. These funds can be obtained either as a lump sum or as an annuity contract, which is approximately equal to what a reputable plan would have paid the farmers over the same period of time.In response to the settlement, the president of the group of farmers, Bob Dygert of Nolliston in Montgomery County, said: "A year ago, we were frustrated that no one was helping us, now we're happy to see that the Attorney General really came through for us."The farmers were independent contractors who sold their milk to Moser Farms, a processor based in Rockville, Connecticut. The financial plan was put together by MONY agents and offered to the dairy farmers by Moser Farms owner Benjamin Moser. In addition to the $1 million payment, MONY will also pay $100,000 to the Attorney General's Office for costs and disbursements. Spitzer commended MONY for working with his office in resolving the case, which was handled by Jean Cho of the Attorney General's Investor Protection and Securities Bureau. A similar settlement for farmers in the state of Connecticut was being announced today in Hartford. Spitzer's office cooperated with the Connecticut Attorney General and Connecticut State Insurance Department on the case
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$2.25 million settlement for retiring farmers
By CRISTINA C. BREEN
Associated Press Writer
ALBANY, N.Y. (AP) _ Financial help is on the way for dairy farmers in Connecticut and New York who were left in the lurch when the retirement fund they had poured $700,000 into inexplicably dried up.
The 61 farmers will receive a $2.25 million settlement from the Mutual of New York investment group, because the retirement fund they joined more than a decade ago never paid out dividends, New York Attorney General Eliot Spitzer said Wednesday.
Under the settlement, the farmers will be refunded for the money they invested plus an additional 5 to 10 percent interest, Spitzer said.
``These are hard working individuals, hard working families in New York's largest industry, and too often, their plight is forgotten,'' Spitzer said. ``This settlement will make them whole again.''
Beginning in 1982, farmers who sold their milk to a Connecticut milk processor were approached by four MONY agents who offered to sell them retirement funds and death benefits, Spitzer said.
Spitzer said he believed the agents who sold the funds were ``rogue agents'' who acted without adequate supervision in issuing the funds.
``We're not sure if it was misrepresentation or fraud,'' he said.
For every $15,000 that farmers invested in the Producers Financial Security Plan, they were guaranteed a $72,000 return. But by 1997, the farmers had paid $700,000 into a plan that had run out of money and the benefits were no longer being paid to members, Spitzer said.
More than half the dairy farmers who entered the plan are now of retirement age, Spitzer said. Farmers will receive an average refund of between $25,000 and $35,000 depending on their age and the amount they contributed.
MONY has agreed to pay New York farmers $1 million. Connecticut farmers will receive $1.25 million. The farmers either can take the cash or can get an annuity from MONY.
Under the settlement, MONY will also pay $100,000 to Spitzer's office for the cost of the investigation, and has agreed to pay $75,000 to the state of Connecticut, including a $50,000 fine and $25,000 for the cost of the investigation.
MONY spokeswoman Mary Taylor said she was only aware of one agent who worked with the farmers, and that agent left the company in 1989.
No charges have been filed in the case. Spitzer spokesman Darren Dopp said an investigation is continuing.
In the two years since the funds dried up, some retired farmers who had counted on hefty retirement payments have resorted to taking minimum-wage jobs in order to make ends meet, said attorney Ken Ayers, who is representing the group of farmers.
Bob Dygert, a Montgomery County dairy farmer who was involved in the settlement, said he was glad to reclaim the $7,500 plus interest that he lost in the deal, but laments that that sum is nowhere near the $72,000 he was promised by the agents.
``I think it's fraud,'' Dygert said. ``We don't have any explanation about the money or where it went.''
Connecticut Attorney General Richard Blumenthal said the matter has been turned over to the U.S. Attorney's Office for possible criminal prosecution.
``They were hardworking farmers who become victims of a bizarre and unconscionable retirement scheme,'' Blumenthal said.
``We believe there is evidence of fraud and an intent to defraud these farmers of hard-earned savings and retirement benefits,'' he said.
Ben Moser, head of Moser Farms of Ellington, Conn., who linked the farmers up with the MONY agents, did not respond to a request for comment. The farm has since ended its milk processing operation, the Connecticut Agriculture Department said.