Life settlements seller arrested in Florida for fraud

A two-time felon who Heritage Christian Schools officials say defrauded the school has been arrested in Florida on insurance fraud charges involving about $500,000.

Just before his arrest Monday, Richard Incandela, 57, attempted to solicit $528,000 from an undercover insurance investigator "to purchase life insurance policies not in existence," according to an arrest affidavit filed in Hillsborough County, Fla. He was arrested on felony charges of scheming to defraud more than $50,000 and selling insurance without a license.

The charges contend that Incandela sold insurance policies to an elderly couple but did not forward the $489,000 they paid him in premiums from December 2007 and September 2008 to the insurance company...

JS Online: Life settlements seller arrested in Florida for fraud