The Honorable Andrew M. Cuomo
June 1, 2017
Governor of New York State
NYS State Capitol Building
Albany, NY 12224
Dear Governor Cuomo,
I have been unable to get a response from Alphonso
David or Maria Vullo with regard to refunds on my MONY insurance policies that were a Ponzi. I am enclosing background
information that includes your father's name and I wanted to let you review the information prior to publication.
If you find any of the information to be incorrect please let me know ASAP so that I may correct it.
All I want is a refund
of premiums plus interest just like AG Spitzer and AG Blumenthal got for NY and Ct policyholders.
Thank you for your
R. Dale Abshire
2606 Twelve Oaks Lane
Colleyville, TX 76034
817 946 8097
The Mutual Life Insurance Company of New York, commonly and
hereafter referred to as MONY, was founded in 1843 and recognized as the oldest mutual life insurance company in
America. From its inception, MONY was a mutual company, owned by its policyholders and run for their benefit with dividends
paid to policyholders. MONY's principal regulator was the New York Department of Insurance. In 1970 MONY established
an investment fund, MONY Fund, which required additional reporting to the Securities and Exchange Commission.
I was employed by MONY from September 01, 1971 thru February 01, 1991 as a Field Underwriter in the
Dallas and Richardson Texas Agencies, as a sales manager in the Fort Worth agency in 1982 and as Agency Manager from January
of 1986 until February 01, 1991. From 1982 thru 1990 my duties included the recruiting and training of new Field Underwriters
to market MONY life & health insurance products along with securities registered through the Securities and Exchange Commission.
I also marketed the products as a dual capacity employee of MONY and a Registered Representative of MONY Securities Corp.
During 1983 Governor Mario Cuomo appointed MONY’s former assistant
general counsel James P. Corcoran as Superintendent of the New York Department of Insurance. At the same
time MONY’s board of directors lead by Vinson & Elkins managing partner, A. Frank Smith Jr., went outside to hire
James Attwood as its new Chairman.
introduced a series of new products designed for retirement and high increasing death benefits based upon dividends that the
company’s actuaries ( Jesse M. Swartz and Rich Tucker ) claimed were conservatively illustrated at a 7 to 7.5% return
on the company's invested assets. The products were used in many different ways to illustrate educational savings plans, guaranteed
retirement funding, pension maximization and elimination of the survivorship benefit for members of the military as well as
replacement of IRA accounts. These policies were widely marketed as sound "investment grade" life insurance contracts
accompanied by an array of company furnished sales literature and materials claiming dividend histories that exceeded 155%
of illustrated dividends. These products and sales materials were approved by Superintendent Corcoran and the New York Department
During the early 1980s MONY sustained heavy financial losses as
the result of a failed attempt at expansion into the financial services industry. In an effort to recoup the losses, MONY's
management team concocted a number of schemes to circumvent state insurance laws and adopted a "shoot it all" attitude
with policyholder’s funds. Those laws were designed to protect policyholders by limiting investments in risky investments
such as real estate and junk bonds. Management also introduced ill- conceived insurance products designed to provide immediate
cash flow to the company while encouraging current policyholders to roll their existing polices into the new "investment
grade" contracts that would yield greater future dividends. This allowed for a shifting of current dividend obligations
to later years. These "investment grade" life insurance policies were a "PONZI" scam approved by the New
York Department of Insurance and Superintendent Corcoran.
Simply put, the products were a PONZI and the literature used to defraud the public was false. The dividends
had been illustrated based on 11 to 12% return on assets with inflated values as well as nonexistent assets. The company's
financial statements were fraudulent, the company was insolvent and had no way of paying the dividends that had been illustrated.
At least one million Americans were the victims of this fraud which is ongoing and worsens over time.
Effective February 1, 1991 MONY terminated my contract without cause.
As a result of discovery in the ensuing litigation, which was settled to my satisfaction on the eve of trial in 1993, I became
concerned for the safety of my pension and investments held by MONY. In an effort to assuage those concerns I obtained
additional documentation from the New York Department of Insurance and agreed to work as a case consultant on several suits
against MONY by other employees and policyholders that helped me secure additional information concerning serious criminal
activity and a massive fraud on the public. The 1991 NAIC examination of the company (released in 1993) revealed more than
$600,000,000 in illegal transactions. You may recall that during the Florida election trials the "Bush Team" named
one of America's foremost accountants, Mr. R. Larry Johnson CPA, to testify as an expert witness. Coincidentally, Mr. Johnson
had previously been called upon in 1995 to render an opinion on MONY's financial statements and review the N.A.I.C. examinations
of the company. His sworn affidavit is posted at http://pwcsucks.com/id7.html for your review. It should
be noted that he did not know that Coopers & Lybrand had been violating the auditor independence rules by selling financial
instruments to the company on the side while issuing false opinion letters certifying MONY's financial statements that contained
100s of millions of dollars in fraudulent transactions nor was he aware of the Florida Department of Insurance investigation
by current U.S. Senator Bill Nelson that revealed more than a billion dollar surplus shortage on the statements filed in Florida.
The Florida letter to MONY's Chairman, Michael I. Roth is posted @http://www.MONYBUSH.com/. Mr. Roth who
signed MONY's fraudulent financial statements is a former Coopers and Lybrand partner and is currently Chairman of the Interpublic
Group of Companies Inc.
During the early 90's, I became
aware of a secret "Phantom Stock Plan" for officers of the company that was not disclosed on the financial statements.
The plan provided payments from profits on a rolling 3 year profit targets. There were never any profits…. but they
took millions anyway! I also learned that the Schedule G filings to the state of New York had been intentionally
falsified to hide millions of dollars in compensation paid to individuals and to cover-up a multimillion dollar money laundering
scam in the Los Angeles agency during 1991. An officer of the company admitted in March of 1995 that the scam was for a "War
Chest" and that the President of the company, Samuel J. Foti, had given the order to "take" the money. I also
learned that Mr. Foti had falsified his credentials upon his arrival at MONY and that he did not have a degree from Oxford
nor did he have an MBA from the Wharton School of Business as published in the company newspaper.
In late 1994 I obtained a copy of the 1992 audit of the company by the New York, Georgia, Oklahoma and Nevada
Departments of Insurance which was done in accordance with N.A.I.C. guidelines. The audit, which, revealed hundreds of millions
of dollars in illegal transactions and erroneous accounting practices made no mention of the Secret Phantom Stock Plan and
the millions of dollars that had been "looted" from the company as a result of the illegal activities. The New York
Department of Insurance first denied any knowledge of the Phantom Stock Plan and denied having any documents relating to the
plan. Mr. William Tardogno of the New York Department of Insurance later admitted that the examiners had audited the plan
and that it was a "sweetheart deal" for the officers and involved lots of money. He also confirmed that MONY's financial
statements were definitely false and that they had not filed proper amendments as required. The New York Department of Insurance
then granted "Trade Secret" status to the Phantom Stock Plan and refused to produce any information.
Beginning in 1995 I reported,
as mandated by Article 1.10d of the Texas Insurance Code, suspected fraud in the business of insurance and asked for help
for policyholders to the Texas Department of Insurance and to Governor George W. Bush concerning the fraudulent financial
statements of MONY, the looting of the company and the PONZI insurance contracts that were used to defraud the public. Mr.
Pete Wassdorf, who was General Counsel to Governor Bush and later to Texas AG Greg Abbott, responded on behalf of Governor
Bush that they could not help because it would be inappropriate for the governor of Texas to contact the governor of
New York and interfere with the operation of a New York domiciled company.
the same time that I was seeking help from Texas, I contacted Walter Ricciardi in the general counsel's office at Coopers
& Lybrand and provided him with documentation including the Johnson affidavit and asked him to help resolve the matter.
He informed me that he had checked it out and it was "no problem" selling bonds and financial instruments to MONY
while acting as the independent accountant. Coopers & Lybrand was later merged with Pricewaterhouse. He would
later be appointed Deputy Director of Enforcement for the Securities and Exchange Commission.
During 1997 I provided Mr. Joseph Dimaria of the Securities and Exchange Commission with documentation of
the false financial statements and later got his admission that MONY had in fact filed false financial statements with the
SEC. He then said that he could no longer talk to me and hung up. In 1998 I asked Arthur Levitt, Chairman of the Securities
and Exchange Commission, to help policyholders get an accurate financial statement for the company prior to their being
asked to vote on demutualization. I received a response from the Northeastern District Administrator, Carmen J. Lawrence,
who informed me that MONY did not file financial statements with the SEC and that they could not help me. She was lying! MONY
had filed financial statements with the SEC since the early 70's. The SEC then allowed MONY to go forward with
an Initial Public Offering in excess of a billion dollars. Shortly after the IPO I gave the SEC letters to Michael Schroeder
at the WSJ. Soon afterwards I received a call from SEC attorney Dorothy Heyl wanting to help me resolve the matter and
asked me to work with her on the SEC investigation. The SEC then refused to talk to the media because of the confidentiality
of their investigation. Three years later Mr. Frank Henderson, FOIA/Privacy Branch Chief, at the SEC admitted that there had
never been any investigation. Ms. Lawrence resigned and became Harvey Pitt's co-partner at Fried Frank Harris Schriver and
Jacobson and assumed his practice when President Bush appointed him chairman of the SEC.
to the demutualization of MONY I contacted a substantial number of elected officials and asked for their help in obtaining
"an accurate, concise and properly opined financial statements, like the law says that I am entitled too for MONY. I
also contacted the Dallas office of the FBI and provided then with the sworn affidavit of MONY employee Alexis Daniels detailing
the use of company funds by officers for home theaters and stereo systems and falsified expense vouchers to steal from
the company. They sent me a letter saying they had transferred the case to their New York office.
Phil Gramm's office proclaimed him to be "powerless" to cause anyone to produce an accurate financial statement
for MONY I contacted Senator Kay Bailey Hutchison and asked for her help with the financial statements and in moving the
FBI along. I provided the Senator's office with a copy of the N.A.I.C. audit of the company and the letter from the FBI. Her
office said they could help. Five months later the best they could do was provided me with another copy of the same N.A.I.C
examination of the company that contained over $600,000,000 in illegal transactions and claimed the FBI could find
no record of the letter they sent me or any investigation. Senator Hutchison was unable to explain the $687,000 MONY paid
to her husband's law firm (Vinson & Elkins) that MONY failed to disclose on the financial statements as required by law.
Senator Hutchison is also a former partner at V&E.
Senators Kay Bailey Hutchison and Fred Thompson
both refused to help with a Freedom of Information request for the orphan child of a dead fireman that held the Navy Cross.
The request pertained to falsified expense vouchers being used to get money for illegal campaign contributions that I learned
about while working as a case consultant on a suit by another MONY manager. I witnessed his admission to an attorney that
he had done it with the blessing of two officers of the company. Vinson & Elkins was defending many of the lawsuits brought
by MONY agency managers and employees. I obtained a number of sworn affidavits from court records alleging misconduct
by 3 of V&E's attorneys. In Wassell v MONY V&E attorney Douglas Hamel named a dead man (John McCole) as a witness
and V&E attorney Shadow Sloan then billed the policyholders of the company for a conference call with the corpse!
You may recall that Webster Hubbell went to prison for fraudulent billings. The Texas Department of Insurance saw nothing
wrong with the fraudulent billings. Jose Montemayor, who was the Texas Commissioner of Insurance, previously told
me he saw nothing wrong with MONY's management using falsified expense vouchers to get money for gambling.
During January 2000 I ask Governor Pataki for his help….. the
letter and additional info is posted at http://pwcsucks.com/id10.html.
New York and Connecticut Attorneys General Spitzer and Blumenthal both investigated MONY's sale of the fraudulent
PONZI contracts and extracted millions of dollars for the benefit of their respective states and then closed their cases without
considering the 100's of thousands of us that had also been victims of the same fraud. As a matter of fact, those of us with
the same contracts actually paid the money Spitzer / Blumenthal collected for their constituents. You can review the information
and news articles on the http://pwcsucks.com/id10.html web sites.
"During mid 2002 the SEC
fined PricewaterhouseCoopers LLP and PricewaterhouseCoopers Securities LLC $8,000,000 for taking 14 companies public with
false financial statements and then refused my many FOI requests to identify the 14 companies. MONY will be one of those
companies and most likely the reason that Walter G. Ricciardi was brought to the SEC in early 2004 as the head of the Commission's
Boston office and later as the Deputy Director of Enforcement in 2005. Now the SEC says the documents have been destroyed
due to retention.
During 2004 MONY was purchased
by AXA with the full knowledge that MONY's financial statements were false and that PricewaterhouseCoopers, who stood on both
sides of the sale, was not independent as stated in their opinion letters and had been responsible for the fraud in the first
place. AXA CFO Denis Duverne also refused to provide the requested information to policyholders and shareholders.
Much has been said about the SEC's missed red flags on the Madoff scandal....... MONY
was not missed red flags!
To: chairman <firstname.lastname@example.org>
Sent: Thu, Jun
4, 2015 1:30 pm
Subject: MONY / AXA Ponzi
Chair Mary Jo White
Securities and Exchange
Dear Ms. White,
Enclosed is additional
information for your investigation. Most likely you will find former Governor George W. Bush's not so blind trust investments
a the heart of Texas' reluctance to take any action over MONY's Ponzi. Mr. Bush was aware of Coopers and Lybrand's involvement
in MONY's fraudulent financial statements and the looting of the company when he authorized the payment of $17,045 for Coopers
& Lybrand to evaluate the Texas Teachers Retirement Fund's real estate portfolio and make recommendations. They recommended
the sale of a building in Austin, TX that had a current value of $143,000,000 to Crescent REIT for $97,000,000. About
the same time Crescent REIT paid $155,000,000 for MONY properties valued on MONY financial statements at double that amount.
Crescent's stock jumped and Mr. Bush's not so blind trust that was managed by Crescent President John Goff suddenly became
profitable. Mr. Bush then announced his run for the presidency and had his investments placed in T-bills.
Governors Perry and Abbott have for many years known of the massive fraud by PricewaterhouseCoopers, Goldman Sachs, Vinson&
Elkins, and AXA and have refused to take any action. By separate cover I will send you the information on the New York Department
of Insurance and former Governor Pataki.
Please don't hesitate to contact me for additional
information or documentation.
R. Dale Abshire
2606 Twelve Oaks Lane
Colleyville, TX 76034
Report Fraud: it's the law!
GRAND JURY ISSUES WARNING....IMPLORES Governor-elect George W. Bush to cleanup fraud and corruption
at the Texas Department of Insurance.
"In closing, Your
Honor, we are obliged to offer our negative observations of the State Board of Insurance. During our investigation we found
closed minds, lack of cooperation, a tendency to overlook and wink at blatant misapplication of funds,
filing of false financial statements, and apparent undue influence by outside lobbyists and lawyers,"..."We
feel that the State Board of Insurance has become stagnant, content to sit back and allow the insurance companies to regulate
themselves without proper supervision or control. View
letter..page1, page2, page3.
FILES FRAUDULENT FINANCIAL STATEMENTS IN TEXAS
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 this 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.
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 Co-Partner 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 now refuse to answer FOIA requests to protect PWC and President Bush's illegal dealings