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SECURITIES & EXCHANGE COMMISSION
Racketeer Influenced and Corrupt Organizations Act


Enter con

Subj: Coopers and Lybrand
Date: 03/01/98 Date 03/01/98
To: chairmanoffice@sec.gov


Mr. Arthur Levitt
Chairmain SEC


Dear Mr. Levitt,

As you are aware, during 1994 the New York Department of Insurance released the 1992 audit of the Mutual Life Insurance Company of New York (MONY) which revealed some $600,000,000 in illegal transactions. During 1995 the Texas Dept. of Insurance informed me that they were not interested in investigating insurance executives who only steal $500 per month nor were they interested in investigating a $55,000,000 false entry on MONY's financial statements. They also informed me that I should rely on the "unqualified opinion" of Coopers and Lybrand LLP, the "independent" outside auditor of the company.

Coopers and Lybrand had issued "unqualified opinions" both before and after the audit. I discovered that shortly after the New York Department of Insurance signed off on the "bad audit" that Coopers and Lybrand acted as the vendor on the sale of a financial insturment in excess of $8,000,000 to MONY. I sent the information to Mr. Walter Ricciardi, ass't general counsel, at Coopers and Lybrand and asked him for an explanation. I also sent him a number of other documents and CPA reports from court records. I was not pleased with his rather "lame" excuses. I then confirmed with the Texas Board of Public Accountancy that the transaction was inappropriate and constituted a conflict.

Your employee, Mr. Joseph Dimaria confirmed that the
statements filed with the SEC were false. Now, he dosen't return his phone calls.

The New York, Texas, Oklahoma, Wisconsin, Maine, Nevada, Florida, and California Departments of Insurance, three US Senators (D'Amato, Gramm and Hutchison), the Labor Department, Governor George W. Bush, Congressman Joe Barton, Texas Senator Chris Harris and State Rep. Nancy Moffat have been unable to produce or cause to be produced an accurate, concise and complete financial statement ( as required by law ) for any year since 1985. Two N.A.I.C. Presidents, Ms. Josephine Musser and Mr. Brian K. Atchinson along with New York Assemblyman Alex Grannis, who is Chairman of the Insurance Committee in New York, have refused to answer Freedom of Information requests.

Under the Freedom of Information Act, I request that you supply me with a list of every company that uses Coopers and Lybrand LLP as it's outside auditor. I also request copies of all letters and correspondence of any kind in the care, custody or control of the SEC with regards to any
investigation of MONY or its employees relevant to my September 20, 1997 letter to Mr. Joseph Dimaria and those issues raised in the letter.

I believe widows, children and old people in Texas are going to lose more than 1 Billion dollars as the result of the actions of the Texas Deparrtment of Insurance.

I look forward to your prompt response!

Respectfully,

R. Dale Abshire
4316 Pembrooke Pkwy N.
Colleyville, Texas 76034

817 267-2020
Fax 817 267-5055
______________________________________________________________________
Subj: False Financial Statements
Date: 05/28/98 Date 05/28/98
To: chairmanoffice@sec.gov

File: \WINDOWS\DOCUME~1\DAVIDSON (4138 bytes)
DL Time (28800 bps): < 1 minute

Mr. Arthur Levitt
Chairman
Securities & Exchange Comm.

Dear Mr. Levitt,

The Mutual Life Insurance Company of New York ( MONY ) will soon be asking policyholders to vote on a proposed plan to demutualize and become a stock company. Your Mr. Joseph Dimaria and Ms. Debra Walker have confirmed that the SEC can't produce accurate, concise and complete financial statements ( as required by law ) for MONY and that the statements filed with the SEC are false.

Worse yet, you looked the other way and ignored the "CONFLICT" created by Coopers & Lybrand L.L.P. selling financial instruments to the company while filing "Unqualified Opinion" letters feigning "Independence". I ask that you have Coopers & Lybrand L.L.P. withdraw as outside auditor and take the proper steps to see that policyholders have access to accurate financial statements well in advance of the vote.

During early 1997 the New York Department of Insurance conducted an audit of MONY. The audit that was conducted in 1992, which contained $600,000,000 in illegal transactions, was suppressed until late 1994 by the New York Department of Insurance. Can you help policyholders obtain a copy of the 1997 audit before they are asked to vote?

The attached letter of clarification went unanswered.

If you have any questions, please do not hesitate to contact me at 817 267-2020 or fax at 817 267-5055.

Respectfully,

R. Dale Abshire
4316 Pembrooke Pkwy N.
Colleyville, Texas 76034
_____________________________
attachment:

DONNA GARCIA DAVIDSON
ASSISTANT GENERAL COUNSEL May 7, 1998
STATE OF TEXAS
OFFICE OF THE GOVERNOR

Dear Ms. Davidson,

I am in receipt of your May 4, 1998, letter responding to my Open Records request dated April 20, 1998, to Governor George W. Bush. The vagueness of your response and the appearance of your letter addressed to me and dated January 22, 1997, does cause me concern. I have no recollection of having ever seen the January 22, 1997, letter which in and of itself appears to be an admission of knowledge of "suspected fraud" in the business of insurance by the Office of the Governor.

With regard to the vagueness of your response to the April 20, 1998, request, it appears that you are telling me that the Governor of Texas has approved millions of dollars in contracts to a Big Six accounting firm that is on "probation" for criminal activities involving "Bid Rigging" of Government contracts. The same accounting firm that issued "unqualified opinions" on the financial statements of an insurance company that the New York Department of Insurance claimed to be false and contained $600,000,000 in illegal transactions. The same accounting firm that was acting as the vendor on the sale a financial instrument to the company while claiming itself to be the "independent" outside auditor for the company on the statements filed in Texas for the year 1994. The same financial statements that fail to properly disclose the payment of more than $686,000 paid to the law firm of my US Senator's husband. The same financial statements that the Texas Department of Insurance claim are correct and say that I should rely on because of the "unqualified opinion" of the "independent" outside auditor. The same Department of Insurance that told me they weren't interested in investigating insurance executives who only steal $500 per month nor were they interested in investigating the $55,000,000 false entry on the company's financial
statements. This is the same Department of Insurance that granted approval for the sale of an insurance product to Texans that was dependent on investment returns based on nonexistent assets and $5,000,000 per acre vacant lots in Texas. The same product that thousands of Texans purchased to fund their children's education, retirement and provide long term financial security for their family. The same Texans who have been lied to by company management and the Texas Department of Insurance. The same Texans who are not going to receive 100s of millions of dollars that they were led to believe they would.

It also appears that your response admits that the Governor has allowed the CPA firm to have access to confidential medical records and sensitive investment data at state agencies while on "Probation" for criminal activities without so much as a whisper of warning to state agencies and employees.

You made no mention of the part of my request that asked about any financial transactions between the Governor and the insurance company mentioned above. I am assuming that he has refused to answer the question about him now owning
investments that used to belong to policyholders of this company.

This also confirms that at no time during the Governor's term of office has he been able to produce or cause to be produced an accurate concise and complete financial statement ( as required by law ) for the Mutual Life Insurance Company of New York.

So that there won't be any misunderstanding, I do want to give you an opportunity to clarify any of the above as stated. If anything in this letter is incorrect, I request that you immediately notify me via fax @ 817 276-5055 or e-mail by the end of business on May 8, 1998, otherwise, I will assume that you and Governor Bush are in agreement with each and every statement. If you find that something is not right, be exact in your response.

Respectfully,


R. Dale Abshire
4316 Pembrooke Pkwy N.
Colleyville, Texas 76034 Signed fax copy sent to: 512 463-1849

______________________________________________________________________
RESPONSE: Carmen J. Lawrence________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
NORTHEAST REGIONAL OFFICE
13TH FLOOR
SEVEN WORLD TRADE CENTER NY-BD-RLA
NEW YORK, NEW YORK 10048 (212) 748-8051




September 9, 1998


Mr. R. Dale Abshire
4316 Pembrooke Pkwy N.
Colleyville, Texas 76034

Re: Mutual Life Insurance Company
of New York ("MONY")

Dear Mr. Abshire:

Your recent undated letter addressed to Chairman Arthur Levitt (received in this office July 8, 1998) has been referred to this office for response. We have reviewed your letter (together with the correspondence attached) in light of the Commission's responsibilities under the federal securities laws. Basically, you are asking this
Commission to provide you with MONY's current financial statements.

We must state at the outset that we cannot provide you with such financial statements. A search of our records discloses that MONY does not have any securities registered with this Commission and, accordingly, is not required to file financial reports. MONY is not required to file reports with the Commission because it is a mutual life insurance company owned by its policy holders (in this regard, we note that insurance policies are specifically exempted from registration under Section 3 (a)(8) of the Securities Act of 1933). In addition, MONY is subject to the supervision of the insurance commissioners of the various States of the United States. Furthermore, it appears that MONY has not issued any securities which must be registered under the Securities Exchange Act of 1934 (which would require MONY to file corporate and financial reports with the Commission). Accordingly, since MONY does not have any securities registered (or required to be registered) with this Commission, it is not required to file any financial statements with us. For that reason, we do not have the financial statements you are seeking and, accordingly, cannot comply with your request.

With respect to the alleged conflict of interest on the part of MONY's certified public accountants, again, since MONY has no securities registered with this Commission, this concern is peculiarly a matter for determination by MONY's board of directors and possibly within the jurisdiction of the appropriate State Insurance Commission.

Mr. R. Dale Abshire
September 9, 1998
Page Two

With respect to the 1997 report by the New York State Insurance Department, such report appears to have been prepared by that agency for its own regulatory purposes: it would be inappropriate for this Commission to request the general release of such report.

We regret we cannot be of assistance to you in this matter.

Sincerely,


CARMEN J. LAWRENCE
Regional Director
______________________________________________________________________
Response by R. Dale Abshire
Subj: MONY/FOI
Date: 9/15/98
To: ranthony@sec.gov, d.smith@sec.gov
CC: chairmanoffice@sec.gov, TTSandals@aol.com

Ms. Carmen J. Lawrence
Regional Director
SEC/NY NY-BD-RLA


Dear Ms. Lawrence,

I am in receipt of your letter of September 9, 1998, responding to my letter to Chairman Arthur Levitt dated May, 28, 1998. There appears to be some confusion with regard to my request and what you have sent.

I was already aware that you, Mr. Levitt , the insurance commissioners in all 50 states, the District of Columbia and 4 Territories along with the various State Securities agencies could not produce or cause to be produced an accurate, concise and complete financial statement (as required by law) for more than 10 years for MONY. If you had simply walked down one (1) floor in your building to Mr. Dimaria's office he could have explained the situation to you. You surely saw his and Ms. Walker's names in the first paragraph of the Levitt letter!

Your contention in paragraph 2 of your response that MONY doesn't file financial statements with the SEC and that there are no securities listed is wishful thinking on your part. Once again, I refer you to Mr. Dimaria for a peek in the file at the ADV filings for MONY Securities Inc. which contain the $600,000,000 in ILLEGAL TRANSACTIONS cited in the New York audit that is also in the file and verified in the Walker letter dated 4/15/98.

Your statements with regard to MONY's "certified public accountants" ( Coopers & Lybrand L.L.P.) and your determination that the board of directors should be the ones to deal with the situation does not even warrant a response. You need to take a look at the SEC website and see how that situation should be handled. You might want to take a look at Mr. Levitt's October 1997 speech on "A Declaration of (Accounting) Independence."

As Mr. Levitt and the SEC are aware, Coopers and Lybrand L.L.P. gave up their "INDEPENDENCE" during 1994. The opinion letters issued by Coopers and Lybrand L.L.P. after September of 1994 that claim they were "INDEPENDENT" are false. The documents filed with the SEC are false. Filing false documents or causing false documents to be filed with a government agency is a violation of the law. You can
search the SEC files on the Internet to find the documents.
Example:0000950112-95-002249 Filed August 08, 1995
Document lists INDEPENDENT ACCOUNTANTS
Coopers & Lybrand L.L.P.

According to the Consent Order from Florida, MONY was insolvent when the 1994 ADV statements were filed with the SEC. TheJosephine Musser letter in the SEC's file contained assumed admissions regarding the involvement of Governor George W. Bush along with the N.A.I.C. members in the perpetration of a "Fraud on the Public." The 1994 financial statements filed in Texas as well as other states, fails to properly disclose more than $686,000 in payments to the law firm of my U.S. Senators husband, my other U.S. Senator's office has reported him to be "POWERLESS" and now you want to send me your regrets!

It appears that a deal was made as the result of the Symington / Coopers & Lybrand L.L.P./ MONY problem and the Price Waterhouse L.L.P. refusal to give the USDOJ and FBI an unqualified opinion of their 1996 FMFIA report. It is interesting that the entire regulator system of our country would allow an accounting firm that is on probation for "Bid Rigging" of government contracts to cause hundreds if not thousands of false documents to be filed with government agencies from coast to coast while unsuspecting citizens invest their hard earned money in a dry hole because they think you are doing your job!

Your response to my request was unacceptable!

Respectfully,

R. Dale Abshire
4316 Pembrooke Pkwy N.
Colleyville, Tx 76034 817 267-2020 Fax 817 267-5055
______________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
NORTHEAST REGIONAL OFFICE
13TH FLOOR
SEVEN WORLD TRADE CENTER
NEW YORK, NEW YORK 10048




September 21, 1998


Mr. R. Dale Abshire
4316 Pembrooke Pkwy N.
Colleyville, Texas 76034

Re: Mutual Life Insurance Company
of New York ("MONY")

Dear Mr. Abshire:

This is in reply to your letter of September 15, 1998.

We have again reviewed the entire file of your complaint against MONY and have conducted an additional search of our files in consideration of the specific concerns raised in your letter. The search of our files did not disclose any additional information. Accordingly, we can find nothing to add to our letter of September 9, 1998, (a copy of which is attached).

We regret we cannot be of assistance to you in this matter.

Sincerely,

Robert L. Anthony, Attorney-Advisor
Branch of Broker-Dealer
Enforcement and Interpretations

rtf copy / original available on request




_____________________________________________________
Walker letter:
Subj: FOIA / Request No. 98-698
Date: 04/15/98
To: foia/pa@sec.gov
CC: walter.ricciardi@us.coopers.com
CC: Jeep48Brn@aol.com, chairmanoffice@sec.gov
CC: ACCOUNTANCYBOARD@MSN.COM, info@azdoi.e-mail.com
CC: chris.sharman@house.state.tx.us, foia/pa@sec.gov
CC: oms@sec.gov, dfw@sec.gov, BCG@SAO.STATE.TX.US
CC: fraud.osi@gao.gov
CC: John_Dougherty@phoenixnewtimes.com
CC: tmrozek@usdoj.gov, Dennis_veit@tdi.state.tx.us
CC: naicweb@naic.org, insurance@commerce.state.ak.us
CC: Alessandro.A.luppa@state.me.us
CC: LFA@sao.state.tx.us
CC: vice.president@whitehouse.gov, tslicas@fasb.org
CC: jvanania@fasb.org, atcope@fasb.org
CC: nfoster@fasb.org, eljenkins@fasb.org
CC: gnlarson@fasb.org, jjleisenring@fasb.org
CC: ggmueller@fasb.org

Ms. Debra Walker
Securities & Exchange Comm.

Dear Ms. Walker,

I have received your April 9, 1998 letter regarding the above referenced FOIA request. Please use this letter as your authority to produce the "paper copy" of the list of Coopers and Lybrand L.L.P. clients who use them as their outside
auditor. I agree to pay the $250 for expense in producing the list.

This letter is to also acknowledge that the Securities and Exchange Commission has no documents relative to any investigation of The Mutual Life Insurance Company of New York, MONY Life Of America or Coopers & Lybrand L.L.P. that
resulted from my September 20, 1997 letter to Mr. Joseph Dimaria in which I requested his help in obtaining an accurate,concise and complete financial statement for MONY. This is also to confirm that the SEC could not produce an accurate financial statement for MONY and admitted that the ADV filings were false, that the $600,000,000 in illegal transactions shown on the 1992 Audit by the New York Department of Insurance was also included in the ADV filings to the SEC. This is also to confirm that the SEC is aware that Coopers & Lybrand L.L.P.acted as the vendor on the sale of financial instruments to MONY while also holding itself up as "independent outside auditor".

This is to confirm that the Securities and Exchange Commission has taken no action against MONY or Coopers & Lybrand L.L.P. and that no investigation was undertaken as the result of the information provided to Mr. Joseph Dimiria on September 20, 1997!

This is also to confirm that Mr. Arthur Levitt was aware of Coopers and Lybrand's "lack of independence" with regards to the "unqualified opinions" on MONY's false financial statements when he delivered his October 8, 1997 "A Declaration of (Accounting) Independence" speech in New York.

If you have any questions, please don't hesitate to call me at 817 267-2020 or fax at 817 267-5055.

Respectfully,

R. Dale Abshire
4316 Pembrooke Pkwy N.
Colleyville, TX 76034

SEC Probes Mutual Life of New York On Whether Surplus Was Manipulated
By MICHAEL SCHROEDER
Staff Reporter of THE WALL STREET JOURNAL,
February 4, 1999 Page B15

WASHINGTON - The Securities and Exchange Commission is investigating accounting practices of Mutual Life Insurance Co. of New York, according to people familiar with the inquiry. The agency is looking at whether the insurer, a unit of MONY Group Inc., manipulated its surplus to bolster its financial position, these people say. A high surplus would demonstrate the company is in strong financial shape, helping to lure policyholders, secure a solid rating from Wall Street and increase executives' compensation. The agency also is reviewing MONY's purchase of two third-party notes from its auditor, PriceWaterhouseCoopers LLP, as possible violations of independence standards, these people say. David Nestor, a spokesman for PriceWaterhouseCoopers, said the company "isn't aware of any SEC inquiry. Charles Wasilewski, a spokesman for MONY, said, "the accounting issues, which are without merit, were included in a class-action lawsuit that was dismissed."

The investigation was prompted by former MONY manager R. Dale Abshire, who alerted the SEC a few months ago to the allegations that were contained in a 1995 policyholder class-action lawsuit. The suit, dismissed in late 1997, involved the marketing of a type of insurance policy. Mr. Abshire left the company in 1991 and settled a wrongful-discharge suit in 1993 for an undisclosed amount.

Broad Crackdown by SEC

The MONY inquiry comes amid a broad SEC crackdown on accounting fraud and auditor independence violations. The SEC is examining past financial statements as well as registration statements filed as part of MONY's initial public offering. The insurer began trading on the New York Stock Exchange Nov. 11, 1998. Before that, when it was mutually owned by policyholders, it filed various financial reports with the SEC covering offerings of annuities and other products, as well as its money management activities as a financial adviser. If the agency finds fraud, it can levy fines or impose other sanctions. The SEC is using information contained in the class-action lawsuit and state insurance department audits of MONY. Florida and New York had found some regulatory violations committed by MONY, which the company later corrected. But those state agencies were conducting routine audits, not fraud investigations drawing on independent sources and analysis.

The 1995 suit charged that from 1982 to 1995, MONY deceptively marketed so-called vanishing-premium policies. Plaintiffs alleged they were misled by sales pitches and financial charts showing how premiums could be eliminated because of interest accumulated on policies' cash value. Mr. Abshire has been supplying the SEC's New York office with information for the past few months. A SEC spokesman said the agency neither confirms nor denies the existence of investigations.

New Business Ventures

In the 1980s, MONY entered new businesses that proved unprofitable and made real-estate loans that went bad. According to affidavits from accounting experts filed in the class-action lawsuit, MONY engaged in a series of accounting manipulations in the early to mid-1990s that inflated its surplus - the difference between assets and liabilities-by nearly $400 million. In 1993, New York State ordered $87 million in write-downs of foreclosed properties and a $55 million reversal of sales commissions. The latest New York audit, issued a year ago, found no problems.

The SEC is reviewing MONY's 1996 consent order with the Florida Insurance Department, according to people familiar with the probe. An audit concluded the company's surplus had fallen below the $100 million level the state requires, but a 1997 Florida audit said MONY had addressed the problems.

The SEC also is reviewing two transactions outlined in a Dec. 28, 1998, memo by the Arizona Department of Insurance. The memo says that in 1994, MONY auditor PriceWaterhouseCoopers, then known as Coopers & Lybrand, acted as agent for Anthony Crane Rental LP in the sale of $65 million in senior notes; MONY bought $15 million, which was repaid. It also says that Coopers acted as agent for Alpine Engineered Products Inc. in its 1995 sale of $24.5 million of senior notes. MONY bought $7.5 million, which also was repaid. The MONY spokesman confirmed that the insurer purchased the notes, and called such transactions a "common practice." Mr. Nestor, the PriceWaterhouseCoopers spokesman, said the firm "did act in a limited role as a financial adviser for the companies that did the placements."
____________________________________________________________________
Connecticut Governor John Rowland.... 
like Governor George W. Bush, was unable to produce or cause to be produced an accurate and properly opined financial statement for MONY. He took no action and knowingly allowed MONY to defraud the citizens of Connecticut! He violated his oath of office and willingly protected thugs that were stealing from those he had sworn to protect!
http://www.zwire.com/site/news.cfm?newsid=1084220&BRD=1645&PAG=461&dept_id=10856 &rfi=8

AG: MONY to repay local towns
By STAN FISHER, Special to The Press November 16, 2000

HARTFORD -- MONY Life Insurance Co. will repay 10 Connecticut towns and an emergency communications organization amounts ranging from "hundreds of thousands to perhaps millions of dollars" to settle a state investigation of an allegedly fraudulent pension plan scheme.
MONY will also pay a $250,000 fine.

"This unconscionable scheme was primarily designed to line MONY’s pockets with hard-earned taxpayer dollars rather than provide benefits to municipal workers," state Attorney General Richard Blumenthal said Tuesday.

The settlement, announced by Blumenthal and Susan Cogswell, commissioner of the state Department of Insurance, resolves claims that MONY sold pension plans for volunteer firefighters and medical personnel that could not pay the benefits promised without the towns paying hundreds of thousands of dollars more than the purported cost of the insurance.

MONY officials could not be reached for comment on the agreement.

The state investigation was triggered by a complaint filed last year by Killingworth First Selectman David LeVasseur, after the discovery that MONY had sold the town an actuarily and financially unsound pension plan for its volunteer firefighters and medical personnel, Blumenthal said.

Virtually the same plan sold to Killingworth was sold to 10 other Connecticut towns or volunteer organizations -- Bethany, Old Lyme, East Haddam, Madison, Guilford, Orange, Chester, Haddam, Bloomfield and Valley Shore Emergency Communications of Westbrook -- by the same agent, William Adams, Blumenthal said.

Most of the towns have discontinued the policies when the company failed to produce the promised benefits, Blumenthal said, but Bethany, Old Lyme, and East Haddam continue to use MONY policies, Blumenthal and Cogswell said. Killingworth is setting up its own pension plan after receiving a $595,000 payment from MONY in May to settle a federal lawsuit brought by the town.

The settlement calls for Bethany to receive roughly $500,000 and Old Lyme a payment estimated at $600,000, while MONY must return to East Haddam its premium payments plus 8 percent interest until the policies are cancelled. The other towns will receive the difference between prior settlements and a return of premiums plus 8 percent interest, Blumenthal said. The communities have 90 days in which to decide whether to accept the agreement.

MONY also is required to pay the state a fine of $250,000, and disclose any other municipalities or other entities to which MONY sold life insurance, state officials noted. Blumenthal said the 11 towns were those which responded to his inquiry about MONY policies after the filing of the Killingworth complaint.

While the plans were sold by Adams, Blumenthal said, "I feel strongly insurance companies are responsible for the actions of their agents. MONY either knew or should have known what Adams was doing, and they certainly knew" after towns started complaining. After MONY fired Adams, the company continued to bill the towns for premiums for the fiscally unsound pensions, he said.

The settlement is the second reached by the state with MONY. In 1999, the insurer repaid $1.25 million for pension plans sold to 23 Connecticut dairy farmers, and paid $75,000 to the state in fines and costs.

 

=========================================================================================================

 Connecticut Attorney General Richard Blumenthal             New York Attorney General Eliot Spitzer

 


  I personally provided these scoundrels with copies of the New York Department of Insurance Examination of MONY that revealed more than $600,000,000 in illegal transactions, sworn affidavits of 2 CPA detailing the accounting fraud, copies of the Florida Department of Insurance examination that revealed a $1.3+billion discrepancy in the surplus account, a 4.5million dollar money laundering scam, falsified expense vouchers used for gambling money, information concerning the Secret Phantom Stock that was used along with the fraudulent financial statements to steal 10s of millions of dollars by Senior officers of the company.

Massachusetts Secretary of the Commonwealth, William F. Galvin and his "girl" Antigone Simmons will be found under the same rock as Spitzer and Blumenthal..........

Accounting fraud at MONY and Enterprise Funds
William Francis Galvin
Secretary of the Commonwealth
State House, Room 337
Boston, MA 02133


mailto:cis@sec.state.ma.us

Dear Mr. Galvin:

Neither you nor anyone else in your state can produce an accurate, concise and properly opined financial statement for MONY for 20 years. The same applies to their Enterprise Funds. According to Mr. Anthony M. DiPaolo, Deputy Chief of Investigations for the Massachusetts Insurance Fraud Bureau, MONY may in fact be the largest insurance fraud case in American history. After he and the Bureau reviewed the documents and records he stated that they could not understand how the insurance and securities regulators could have let it go on for so long. Shortly after his statements his files were removed and the case was transferred to another governmental agency for burial.

According to the
sworn affidavit of "Bush Team" endorsed CPA, R. Larry Johnson, MONY first started cooking their books in 1982. Coopers & Lybrand / PricewaterhouseCoopers has issued unqualified opinions falsely claiming to be independent on financial statements with hundreds of millions of dollars in illegal transactions. MONY's Chairman, Michael I. Roth, is a former Coopers & Lybrand partner. Mr. Johnson, whose affidavit detailing more than $600,000,000 in illegal transactions is available @ http://monybush.com/LarryJohnson.html. He was unaware of the Florida Department of Insurance letter to Mr. Roth at the time of his affidavit and did not know of the outside financial dealings between MONY and Coopers & Lybrand that violated the auditor independence rules. The Florida letter detailing more than a billion dollars in mistakes in the surplus accounts is available at http://www.MONYBUSH.com/

During 1998 PricewaterhouseCoopers used the fraudulent financials to take MONY public with the blessing of the SEC's Northeastern Regional Director, Carmen J. Lawrence. Ms. Lawrence was then rewarded with the position of Copartner to Harvey Pitt at Fried, Frank, Harris, Shriver & Jacobson. Mr. Pitt was then appointed Chairman of the Securities and Exchange Commission by President Bush. Mr. Pitt and his minions at the SEC then refused to answer FOIA requests to protect PWC over their illegal dealings with MONY. See Public Company Accounting Oversight Board letter for details @
http://pwcsucks.com/_wsn/page2.html.

Additional information about corruption at the Securities & Exchange Commission and the Grand Jury Letter to Governor G. W. Bush is available @
http://www.MONYINTERNATIONAL.com/    and   http://www.MONYBUSH.com/
http://www.MONYSUCKS.com/.

Can you help me obtain an accurate, concise and properly opined financial statement for MONY prior to the AXA Financial takeover. I am a policyholder, a family member of a shareholder and have suffered several million dollars in losses as a result of this fraud. I only want what the law says I am entitled to receive.

I have held securities and life insurance licenses for over 30 years in Texas and make this report of fraud to you as mandated by Article 1.10d of the Texas Insurance Code.  Please feel free to contact me at 817 267-2020 with any questions.

   
Respectfully,

R. Dale Abshire
3308 Pin Oak Lane
Bedford, Texas 76021
___________________________________________________________________________________________________    

   
Subj:    PricewaterhouseCoopers / MONY conflict     
Date:    09/18/2003 10:01:54 AM Central Standard Time    
From:    
RAbshire    
To:    
Richard.Silver@axa-financial.com    
CC:    
CutlerS@sec.gov, CarlinW@sec.gov, mailto:RashkoverB@sec.gov, foia/pa@sec.gov    

Richard Silver
General Counsel
AXA Financial Inc.
 
Dear Mr. Silver:
 
As a MONY policyholder and a member of the insurance and securities industry for over 30 years I want to make you aware of a serious "CONFLICT" by PricewaterhouseCoopers with regard to the MONY transaction. As you are aware PWC represents itself as the independent auditor for both MONY and AXA. The opinion letters issued by PWC and filed with MONY's financial statements are false!
 
For brevitys sake I have posted the information concerning MONY's fraudulent financial statements and the looting of the company on the following web sites:
 
http://www.PWCSUCKS.com/         http://www.MONYBUSH.com/     http://www.MONYINTERNATIONAL.com/
http://www.TAMUEX.com/            http://MONYSUCKS.com/
 
You may want to bring this matter to the attention of the AXA Board of Directors before diving into this cesspool of filth and corruption.
 
Please feel free to contact me with any questions or document requests.
 
R. Dale Abshire
3308 Pin Oak Ln.
Bedford, Tx 76021                       817 267-2020
 
_______________________________________________________________________________________________
 
Subj: att: William J. McDonough
Date: 04/29/2003
To: info@pcaobus.org
CC: CutlerS@sec.gov, CarlinW@sec.gov, RashkoverB@sec.gov, foia/pa@sec.gov


William J. McDonough, Chairman
Public Company Accounting Oversight Board
1666 K Street, NW
Washington, DC 20006-2803

Dear Mr. McDonough:

As a 30+ year member of the insurance and securities industry I was pleased to see your appointment as Chair of the PCAOB and applaud your willingness to accept the job of cleaning up the accounting industry. Restoring consumer confidence in our markets and the folks that regulate it are a most important factor in restarting the economy.

I would like to call your attention to a matter involving PricewaterhouseCoopers and the fraudulent financial statements of MONY Group, Inc. and ask your help in obtaining information that the SEC has refused under Freedom of Information. I am a former 19 yr employee that successfully sued MONY in the early 90s over my termination. As a result of discovery in that case I became aware of serious criminal acts by MONY's Senior Officers and BoD members. I obtained a copy of an N.A.I.C. examination of the company that revealed over $600,000,000 in illegal transactions on their financial statements. I later obtained a copy of an investigation by the Florida Department of Insurance that revealed a $1.3 billion discrepancy in the surplus account. I also obtained a copy of the "Secret Phantom Stock Plan" that paid 10s of millions of dollars to officers of the company as a result of the false claims on the financial statements. Those false statements were also used to illustrate dividends on the ponzi contracts that were sold to the public as "investment grade" life insurance contracts.

According to the sworn affidavit of "Bush Team" endorsed CPA, R. Larry Johnson, MONY first started cooking their books in 1982. Coopers & Lybrand / PricewaterhouseCoopers has issued unqualified opinions falsely claiming to be independent on financial statements with hundreds of millions of dollars in illegal transactions. MONY's Chairman, Michael I. Roth, is a former Coopers & Lybrand partner. Mr. Johnson, whose affidavit is available on the
http://www.PWCSUCKS.com/ site, was unaware of the Florida Department of Insurance letter to Mr. Roth at the time of his affidavit and did not know of the outside financial dealings between MONY and Coopers & Lybrand that violated the auditor independence rules.

Prior to MONY's IPO in November of 1998 the SEC first confirmed (Joseph Dimaria) that MONY had filed fraudulent financial statements with the SEC and then denied that they ever filed any statements with the SEC (Carmen J. Lawrence). MONY has filed with the SEC since at least the early 70s! You may read the SEC letters on the
http://www.MONYINTERNATIONAL.com/ site along with the WSJ article that was written after MONY's IPO. The SEC claimed they were investigating MONY and couldn't talk about it. Three years later they admitted that there had never been an investigation and now refuses to answer FOI requests.

Attached below are copies of a couple of FOI requests that the SEC has refused to answer. Can you help me obtain these documents along with a copy of an accurate financial statement that contains the opinion of an independent accountant?

Your help will be greatly appreciated. Please do not hesitate to contact me at 817 267-2020 if you have any questions or need documentation.

Respectfully,

R. Dale Abshire
3308 Pin Oak Ln.
Bedford, Texas 76021

  Spitzer / MONY news articles:

$1 MILLION RECOVERED FOR UPSTATE DAIRY FARMERS
Dozens of Farmers Would Have Lost Retirement Savings in Fraudulent Financial Plan
----->Attorney General Eliot Spitzer and Assembly Member Paul Tonko today announced a $1 million settlement for a group of upstate dairy farmers who unknowingly invested in a fraudulent financial plan.Beginning in the early 80s, farmers from the Mohawk Valley, Capital District and Central New York invested in a financial plan offered by four agents from Mutual of New York (MONY). The plan was supposed to provide retirement and death benefits. By 1997, however, the plan had run out of money and benefits were no longer being paid to members. In announcing the settlement with MONY, Spitzer said: "I'm delighted that we've been able to recover the money and return some piece of mind to the farmers. These are all honest, hard working individuals who had invested a significant portion of their earnings in what they believed to be a reputable plan. This settlement will help restore financial stability for many farm families." Assembly Member Tonko said: "I am pleased to work with Attorney General Spitzer on behalf of so many dairy farmers to help return their hard-earned dollars. I applaud the Attorney General for his determination to pursue this case so aggressively, and give much needed attention to New York's largest industry."More than half of the dairy farmers who entered the plan are now of retirement age. Under the settlement, the farmers will receive an average refund of between $25,000 and $35,000, depending on their age and the amount they contributed. These funds can be obtained either as a lump sum or as an annuity contract, which is approximately equal to what a reputable plan would have paid the farmers over the same period of time.In response to the settlement, the president of the group of farmers, Bob Dygert of Nolliston in Montgomery County, said: "A year ago, we were frustrated that no one was helping us, now we're happy to see that the Attorney General really came through for us."The farmers were independent contractors who sold their milk to Moser Farms, a processor based in Rockville, Connecticut. The financial plan was put together by MONY agents and offered to the dairy farmers by Moser Farms owner Benjamin Moser. In addition to the $1 million payment, MONY will also pay $100,000 to the Attorney General's Office for costs and disbursements. Spitzer commended MONY for working with his office in resolving the case, which was handled by Jean Cho of the Attorney General's Investor Protection and Securities Bureau. A similar settlement for farmers in the state of Connecticut was being announced today in Hartford. Spitzer's office cooperated with the Connecticut Attorney General and Connecticut State Insurance Department on the case

______________________________________

$2.25 million settlement for retiring farmers


By CRISTINA C. BREEN
Associated Press Writer
ALBANY, N.Y. (AP) _ Financial help is on the way for dairy farmers in Connecticut and New York who were left in the lurch when the retirement fund they had poured $700,000 into inexplicably dried up.
The 61 farmers will receive a $2.25 million settlement from the Mutual of New York investment group, because the retirement fund they joined more than a decade ago never paid out dividends, New York Attorney General Eliot Spitzer said Wednesday.
Under the settlement, the farmers will be refunded for the money they invested plus an additional 5 to 10 percent interest, Spitzer said.
``These are hard working individuals, hard working families in New York's largest industry, and too often, their plight is forgotten,'' Spitzer said. ``This settlement will make them whole again.''
Beginning in 1982, farmers who sold their milk to a Connecticut milk processor were approached by four MONY agents who offered to sell them retirement funds and death benefits, Spitzer said.
Spitzer said he believed the agents who sold the funds were ``rogue agents'' who acted without adequate supervision in issuing the funds.
``We're not sure if it was misrepresentation or fraud,'' he said.
For every $15,000 that farmers invested in the Producers Financial Security Plan, they were guaranteed a $72,000 return. But by 1997, the farmers had paid $700,000 into a plan that had run out of money and the benefits were no longer being paid to members, Spitzer said.
More than half the dairy farmers who entered the plan are now of retirement age, Spitzer said. Farmers will receive an average refund of between $25,000 and $35,000 depending on their age and the amount they contributed.
MONY has agreed to pay New York farmers $1 million. Connecticut farmers will receive $1.25 million. The farmers either can take the cash or can get an annuity from MONY.
Under the settlement, MONY will also pay $100,000 to Spitzer's office for the cost of the investigation, and has agreed to pay $75,000 to the state of Connecticut, including a $50,000 fine and $25,000 for the cost of the investigation.
MONY spokeswoman Mary Taylor said she was only aware of one agent who worked with the farmers, and that agent left the company in 1989.
No charges have been filed in the case. Spitzer spokesman Darren Dopp said an investigation is continuing.
In the two years since the funds dried up, some retired farmers who had counted on hefty retirement payments have resorted to taking minimum-wage jobs in order to make ends meet, said attorney Ken Ayers, who is representing the group of farmers.
Bob Dygert, a Montgomery County dairy farmer who was involved in the settlement, said he was glad to reclaim the $7,500 plus interest that he lost in the deal, but laments that that sum is nowhere near the $72,000 he was promised by the agents.
``I think it's fraud,'' Dygert said. ``We don't have any explanation about the money or where it went.''
Connecticut Attorney General Richard Blumenthal said the matter has been turned over to the U.S. Attorney's Office for possible criminal prosecution.
``They were hardworking farmers who become victims of a bizarre and unconscionable retirement scheme,'' Blumenthal said.
``We believe there is evidence of fraud and an intent to defraud these farmers of hard-earned savings and retirement benefits,'' he said.
Ben Moser, head of Moser Farms of Ellington, Conn., who linked the farmers up with the MONY agents, did not respond to a request for comment. The farm has since ended its milk processing operation, the Connecticut Agriculture Department said.
 

 

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