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Komfie Manalo, Opalesque Asia:

Insurance firms Bankers Conseco Life Insurance Company and Washington National Life Insurance Company have accused Beechwood Re Ltd. of "bamboozling" them into turning over a $550m trust, without informing that it was used as a front for "high-risk" hedge fund Platinum Partners. The complaint names Beechwood principals Moshe Feuer, Scott Taylor, and David Levy as defendants.

Citing court records, Courthouse News Sevice said that the insurance firms believed that the fraud committed by Platinum Partners went beyond the union deal wherein Platinum’s CEO Murray Huberfeld was charged in June for allegedly bribing former the Correction Officers’ Benevolent Association (COBA) president Norman Seabrook with $60,000 to secure a $20m investments from the union.

In its defense, Beechwood said it was not necessary to disclose its relationship with Platinum Partners to its clients because the owners were not involved in the management of the firm.

"But the real reason that Feuer did not reveal Beechwood's ties to Platinum is that no insurance company would invest in Platinum or enter into a reinsurance agreement with a reinsurer tied to Platinum, and Feuer and Taylor were in cahoots with Platinum to bring institutional investor money to Platinum without the institutional investors' knowledge of Beechwood's Platinum t......................

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