Ponzi suspect returns life insurance money

A man accused in an alleged $53 million "Billionaire Boys Club" Ponzi scheme has repaid nearly $33,000 he borrowed from his life insurance policies in violation of a court order freezing assets in the case... John J. Bravata delivered a cashier's check to the receiver in the case on Monday, his attorney said in a court filing today.

...On July 26, the U.S. Securities and Exchange Commission filed a lawsuit alleging civil fraud and the unlicensed sale of securities against Bravata, 41, of Brighton, Richard J. Trabulsy, 26, of Northville and their companies: BBC Equities and Bravata Financial Group... Under the alleged scheme, more than 400 investors were promised returns of 8 percent or more while the principals spent millions on luxury homes, boats, jewelry, gambling, exotic vacations and expensive cars...

DetNews: Ponzi suspect returns life insurance money