Jay Mulein steals from lenders and insurance companies. His fraud is clever. He tells people he will give them "free" life insurance. The client fills out the documents to purchase the insurance. Mr. Mulein borrows our money to make the first year premium payment. The insurance carrier issues the policy. His clients are happy. They should be.
The insurance company is also a victim. They issue the policy thinking the insured will continue to make the annual payments. No second year premiums are paid. After one to two years, the policy is allowed to lapse. Mr. Mulein's client did in fact get "free" life insurance. If the client had died unexpectedly in that first year or two, the carrier would have been obligated to pay the premium.
The suit between Union Central and Jay Mulein is attached below. United States District Court, Southern District Of Ohio, Western Division at Cincinnati, Case 1:11-cv-66 was brought by Union Central Insurance Company.
Mr. Mulein borrowed $121,693 from us to pay the first year premium on three life insurance policies (Edward D. Keller for $59,453, John L. Spangberg for $31,500, and Xantha Dhawan for $30,740) at the beginning of April. The terms of the loan were 30 days. Mr. Mulein received insurance commissions of $146,031.60.instead of paying off our loan and keeping the override as his profit, he stole the money.
Mr. Mulein did make a partial repayment in July of $20,000. He made another repayment of $18,500 in August. A third repayment of $10,000 was made in October.in an effort to keep us from filing a lawsuit in April of he made a repayment of $2,500.
Currently, Jay Mulein owes a principle balance of $70,693 plus interest.
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