Orange Co. insurance agent accused of $100 M fraud scheme

An Orange County insurance agent is facing federal charges in what prosecutors are calling a $100 million insurance fraud scheme.

Investigators say Mark Resnick and two insurance agents from New York, Michael Binday and James Kergil, recruited elderly people to buy life insurance policies.

If convicted, they each face up to 80 years in prison.

According to investigators, the agents would inflate the amount of money the applicant had so the payout would be higher, then re-sell the policies to make commissions.

For example, one 76-year-old man in Orlando took out a $4 million policy, claiming his net worth was in the millions. But he didn't have much money, no IRA, 401K savings or pension, investigators say.

The indictment shows the insurance agents would find investors to pay the premiums, would arrange to re-sell the policies to make commissions and would even buy some of the policies themselves and collect millions when the person died.

The FBI says after it approached Resnick last year, he attempted to destroy documents and even tried to have his computer hard drive deleted at the Apple store in Orlando to cover up the crime.

In all, the men are accused of defrauding four different insurance companies, making millions of dollars since starting this scheme in 2006.

But the FBI says they weren't the only victims, inevitably insurance fraud like this results in higher rates for everyone else.