Bernie Madoff allegedly conned wealthy and supposedly sophisticated investors out of $50 billion in a Ponzi scheme. And a number of these investors were insurance companies from around the world.

Amongst some of the affected investors are insurance companies like AxaSA of Paris, Massachusetts Mutual Life Insurance Co. of Springfield, Sumimoto of Japan and Swiss Reinsurance Co., as well as other all-star companies, have also seen the negative effects of Madoff’s big swindle.

We can learn some lessons from this scandal. Kathleen Pender of the San Francisco chronicle laid out what investors can learn from this scandal. 5 of these points apply directly to those interested in investing or getting life insurance:

1) Don’t buy what you don’t understand.

2) If it sounds too good to be true, it probably is.

3) Understand any fees associated with your investment.

4) Know the terms and the company.

5) Don’t just trust someone that you’re getting a good deal; do the research yourself and make an educated decision.

Keep these points in mind when you’re looking for insurance companies and you will soon find the one you need AND want.

He’s charged with over 80 counts of felony, from fraudulent and falsified claims  to insurance fraud, personal property grand theft and a host of other counts, including tax fraud.

The ring was cracked when a California Highway Patrol officer pulled over someone they thought was staging traffic accidents. There are several other people involved in the case; read this for more info.

I wonder how she got caught, but it seems a pretty silly way to go about it. Those big checks were going to be noticed sooner or later. However, some people think they’re untouchable and insurance is, as always, a favorite target for scammers:/

Good riddance. These guys make me sick. You know he went to a small Iowa town and took advantage of the goodwill and situation of the people there. I mean its bad enough to scam anyone, but terminally ill patients? The man must have no heart at all.

According to the article, Jenkins was prosecuted in Iowa and admitted to lying on life insurance applications to Cedar Rapids-based Life Investors Insurance Co. of America for people he knew would die soon who normally wouldn’t be approved.

For more about Mr. Jenkins, check out this article in the DesMoines Register.

State Insurance Commissioner Steve Poizner said Monday that CEO David Zahler and CFO David Tai were charged after a two-and-a-half-year investigation into their temporary employment company, Staffing Services, Inc.

To find out more, check out the article from the Associated Press here.