Enter content here

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!


R. Dale Abshire
2606 Twelve Oaks
Colleyville, TX 7603

   of the Treasurer (now US Senator Bill Nelson)

Department of Insurance
State of Florida

April 21, 1994

Mr. Michael Isor Roth, President,
Chairman of the Board and CEO
The Mutual Life Insurance Company of New York
1740 Broadway New York, NY 10019

Dear Mr. Roth:

Based upon a review of Mutual Life Insurance Company of New York's 1993 Annual Statement, it appears that the company is in non-compliance with the following Florida Statutes:

1. Pursuant to Section 625.333(2)(a), Florida Statutes, an insurer's limitation in real estate for investment purposes (including joint ventures and participations) is 5% of admitted assets. The company's investment of $1,636,633,686, which included joint ventures, exceeds the company's limitation of $484,879,721 by $1,151,753,965, which is therefore non-admitted.

2. Pursuant to Section 625.031(2), Florida Statutes, loans to officers and directors are not allowed. Therefore, the company's loans of $75,382, General Interrogatories, item 17b., is non-admitted.

3. Pursuant to Section 625.305(4)(d), Florida Statutes, the company's limitation in bond obligations which have been given a rating of 6 by the Securities Valuation Office (SVO) of the NAIC is 1/2% of the insurer's admitted assets. The company's investment of $62,281,579 exceeds the company's limitation of $48,487,972 by $13,793,607.

4. Pursuant to Section 625.327(3)(a), Florida Statutes, an insurer's limitation in a mortgage loan (other than mortgages on dwellings not intended for occupancy by not more than four families, if it is Insured up to 95%) shall not exceed 75% of the value of the property. Schedule B-Part 2-Sections 1A and 1B reports 44 mortgages which exceed the loan to value limitation by an aggregate amount of $37,426,073, which is non-admitted.

5. Section 625.141(2), Florida Statutes, requires methods valuing bonds to be consistent with the method formulated or approved by the National Association of Insurance Commissioners (NAIC) or its successor organization, and as set forth in the latest edition of its publication "Valuation of Securities." The company has reported bonds acquired prior to 1993 in the aggregate amount of $14,227,655 with a designation of "Z" which indicates an obligation with a designation not such bonds is a standard industry practice and is required in Florida under Rule 4-137.001(4), F.A.C. These bonds have been non-admitted. Provide to the Department evidence of submission to the NAIC Securities Valuation Office of all bonds designated as Z.

6. Pursuant to Section 625.031(6), Florida Statutes, an insurer may not allow as assets, securities which are in default. The company's investment of $31,004,423 in mortgages of which interest is overdue more than 1 year, per Item 2(a), Notes to Financial Statements, is non-admitted.

7. Pursuant to Section 624.408(4), Florida Statutes, the company's required policyholder surplus is $100,000,000. The company's adjusted surplus after non-admitting the amounts in items 1 through 6 above is negative $648,106,483, which is deficient of the above stated requirement by $748,106,483.

A summary of surplus as to policyholders is as follows:
Reported Surplus: $600,174,622
Less Adjustments:
Item 1-Investment Real Estate:
Section 625.333(2)(a) -1,151,753,965
Item 2-Loans to Officers & Directors:
Section 625.031(2) -75,382

tem 3-Investment in Bonds Rated 6:
Section 625.305(4)(d) -13,793,607

Item 4-Investment in Mortgages:
Section 625.327(3)(a) -37,426,073

Item 5-Investment Non-Designated Bonds:
Section 625.141(2) -14,227,655
Item 6-Investment in Mortgages in Default.
Section 625.031(6) -31,004,423
Adjusted Surplus: $-648,106,483
Less Required Surplus as to Policyholders: -100,000,000
Total Surplus Deficiency: $-748,106,483

Please provide to the Department within fifteen (15) days, the company's plan to attain compliance with Florida Statutes. Failure to respond within a timely manner will result in administrative action by the Department.

Your response may be forwarded to my attention.


Leslie Blank
Financial Examiner

cc: John C. Woods, CFE, Financial Examiner / Analyst Supervisor






dave.hattem@axa-financial.com, mark.drew@protective.com



William Treacy, Executive Director

Texas State Board of Public Accountancy

August 25, 2017


Dear Mr. Treacy,


During 1998 I provided you, Paul Gavia and AICPA President and CEO Barry Melancon information concerning the lack of independence by Coopers & Lybrand / PricewaterhouseCoopers LLP on the financial statements of the Mutual Life Insurance Company of New York, commonly and hereafter referred to as MONY. I also provided the sworn affidavit of CPA R. Larry Johnson detailing the results of NAIC examinations of MONY's financial statements. You also later received the December 2, 1998 letter from the Arizona Department of Insurance detailing the non-audit related financial transactions between Coopers & Lybrand and MONY that ....... according to your own Enforcement Office.... resulted in the loss of "Independence". 


You also have the April 21, 1994 letter from the Florida Office of the Treasurer Bill Nelson to MONY Chairman Michael I. Roth detailing illegal investments and violations of over 1.3 billion dollars. You may find a copy of this letter on my www.MONYBUSH.com web site along with other information on the www.pwcsucks.com site..


I also confirmed with TSBPA Enforcement that MONY's financial statements lack of the certification of an "Independent Auditor" will continue until they are  audited by someone other than PricewaterhouseCoopers LLP.


MONY was taken public in 1998 by PricewaterhouseCoopers LLP with the fraudulent financials and actuarial reports.  Five years later PricewaterhouseCoopers LLP stood on both side of the MONY/AXA sale that resulted in the comingling of assets that in turn caused AXA's financial statements to be conflicted and lack the proper certification which would later cause the same problem with Protective Life's financials and possibly the Japanese company that now owns Protective Life. 


I have noted that Paris-based AXA aims to raise billions of dollars in the first half of next year by selling a minority stake in the combined life-insurance and asset-management company in the U.S.  


Your failure to adhere to the most basic standards of conduct as set forth by the AICPA and the TSBPA are astounding!  You have knowingly sheltered what is possibly the longest (35yrs) and largest accounting fraud in American history. Enron and Madoff ............ 


Please tell me what you plan to do about this matter.  I would like to tell my children what happened to their money.




R. Dale Abshire

2606 Twelve Oaks

Colleyville, TX 76034



MONY / AXA / PricewaterhouseCoopers


Wed, Mar 27, 2019 1:46 pm

Rabshire (rabshire@aol.com)To:c.wray + 5 more Details

The Honorable Christopher Wray
Federal Bureau of Investigation
935 Pennsylvania Avenue, N.W.
Washington, DC 20535

Dear Director Wray:


As you most likely know, the PricewaterhouseCoopers L.L.P / MONY / AXA Ponzi is now the longest running accounting fraud and Ponzi in American history (35 years). In recent meetings with the Fort Worth and Dallas offices of the FBI, I once again provided documentation and offered a trove of evidence to support the massive fraud involving a great number of individuals who at a minimum qualify for "accessory after the fact" or "misprision of felony" charges. This is an ongoing fraud that worsens over time.   


The Dallas office was only interested in the letters from their office dating back to 1997 that would surely embarrass you and them. The agents in Fort Worth took their time and made copies and noted the names of a number of individuals such as Sally Yates, Andrew McCabe, Monty Wilkerson, Senator Warren, Robert Khuzami, Senator Blumenthal, Senator Bill Nelson, Kay Bailey Hutchison, Elaine Chao, Senator Schumer and Eliot Spitzer among others. 


I am enclosing a copy of the background report I sent to Governor Andrew Cuomo that pretty well tells the story. Please feel free to contact me for documentation or clarification. You will find additional documentation on the MONYBUSH.com and PWCSUCKS.com web sites along with the information about the Securities and Exchange Commission and IRS IG J. Russell George.  


Will you help resolve this matter?




R. Dale Abshire

2606 Twelve Oaks

Colleyville, TX 76034


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.


MONY 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 of Insurance.


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.


During 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.

Prior 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 to for MONY. I also contacted the Dallas office of the FBI and provided them 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.

After Senator 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 provide 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 vs 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!