Republican from Winthrop, Mass. allegedly defrauded seniors

[Ian David]

BOSTON -- A Winthrop man already barred from acting as an investment adviser in the state was charged with defrauding the elderly of more than $1 million, according to an administrative complaint filed by Secretary of State William Galvin.

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Joseph Gennaco allegedly sold senior citizens life insurance policies with no premiums for two years. Gennaco would broker a loan to the senior secured by the policy. The loan would be used to finance the premiums on the insurance policy. However, the loans carried interest of more than 100 percent over two years.

In another scheme, Gennaco targeted relatives of someone who had recently died to persuade them to exchange insurance or annuity policies for a new product from a trust created by Gennaco. He allegedly claimed the trust was an annuity when it was no more than a bank account.

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The state alleges that Gennaco carried out the schemes with his sons-in-law, John Langone of Winthrop and Peter Salvitti of Revere.

More:
http://www1.whdh.com/news/articles/local/BO52484/


See also:

http://www.opensecrets.org/indivs/search.asp?key=JUU4H&txtName=Gennaco&txtState=MA&txtAll=Y&Order=N

[Jackpine Radical]

1. Republican entrepreneurship at work.

It is, of course, the role of the predators to keep the sheep herd healthy by preying upon the weak and foolish. I am continually amazed that these practitioners of such a particularly nasty variety of social Darwinism should express their disbelief in evolutionary theory.