Most Outrageous Insurance Frauds, Sex, greed and $200 million
Martin Frankel’s story contains of sex, greed, and a $200 million dollar fraud. Considering this and then how Frankel looks, we just had to include him on this list. He was fired from one of his first jobs, in the 1980’s, for misrepresenting himself in electronic trades, but by that time he had managed to impress the brokerage owner’s friends, and he had even taken the brokerage owner’s wife as a mistress.
One of these friends staked Frankel with their own savings and Frankel continued to suck investors into his schemes. By the end of this career as an insurance fraud, Frankel had about $205 million and two loyal mistresses to show for it.