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TEXAS ThugsPennsylvania Department of InsurancePCAOBGovernor Mario CuomoSEC CCOPWC CrookPaulson / GeorgeTEXAS CrooksSENATOR NELSONR. Larry Johnson CPAGov. SebeliusSEC'S LawyersGov. PatakiBush / Pitt
 
Pennsylvania Department of Insurance

Commissioner Jessica Altman

Commissioner Jessica Altman

March 12, 2021

Commissioner Jessica Altman
Pennsylvania Department of Insurance


Dear Ms. Altman,

Last week I asked if the PDI objected to using your picture on my www.PWCSUCKS.com web site. I have not received a response so I am assuming there is no objection. I have noted that the Department reviewed the content of the site and has not objected. Listed below is information that I will be posting to the www.PWCSUCKS.com site.

1. The Pennsylvania Department of Insurance approved the sale of the MONYCONOMIZER whole life insurance policy marketed by The Mutual life Insurance Company of New York.

2. The Pennsylvania Department of Insurance received the Report of Examination of the Mutual Life Insurance Company of New York dated December 31, 1991 by Eugene T. Murphy.

3. The Pennsylvania Department of Insurance requires all financial statements to contain the unqualified opinion of an independent accountant.

4. The Pennsylvania Department of Insurance was aware of the investigations of MONY's products by the Connecticut, Florida and New York Attorneys Generals.

5. The Pennsylvania Department of Insurance stood silent with the knowledge that MONY had illustrated dividends using double digit returns on non-existent assets to citizens of Pennsylvania.

 

EXAMPLE: In 1986 Policyholder 1 age 35 purchased a MONYCONOMIZER /IRAA retirement plan for $2026.00 per year. At age 65 he would be able to receive a benefit of $ 31,117.00 for 15 years at which time he would still have $99,000 in cash value. Policyholder 1 paid the premiums to age 65 at which time he was informed that he would only receive payments for one (1) year.

All of this was happening while the entire NAIC knew about a $1,348,281.000 shortage in the surplus account of MONY due to illegal accounting fraud by Coopers and Lybrand and PricewaterhouseCoopers. This PONZI is ongoing and the statute of limitations has not expired!

Respectfully.

R. Dale Abshire
2606 Twelve Oaks
Colleyville, TX 7603
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