For those who have followed this blog for a few years (or know me professionally), you know that I really have a “bone to pick” with all of the silly insurance schemes thrown at charities. And, then they all collapsed like we warned. Read this short article and get a good laugh at the last sentence in bold:
Couple file fraud lawsuit against insurance magnate Barry Kaye
Impressed by Barry Kaye’s famed oratory skills at one of his free seminars on how to die rich, David and Aileen Epstein handed the longtime Boca Raton insurance mogul the keys to their financial planning, according to authorities.
Before the part-time Boynton Beach couple had straightened out the mess Kaye and his son, Howard, had made of their hoped-for legacy, they had lost more than $500,000, according to a lawsuit filed in Palm Beach County Circuit Court.
In addition to recovering their lost money, they may seek punitive damages against the once high-flying father and son life insurance dynamos for fraud, according to the suit.
The lawsuit is the second the two Kayes have faced since their life insurance empire collapsed, causing Florida Atlantic University to strip the senior Kaye’s name from its College of Business. His name was put on the school when he pledged $16 million, the largest gift in school history. To recognize him for the $5 million he did donate, school trustees created the Barry Kaye Program of Risk Management and Insurance within the business school.