ASHEVILLE- Buncombe County stands to receive more
than$2 million from the life insurance company tied to pricey policies that federal prosecutors state were illegally bought by former manager Wanda Greene. County commissioners unanimously approved the proposed$2,081,686.37 settlement offer from Guardian Life Insurance coverage after satisfying briefly in an unique closed session Tuesday afternoon.
Wanda Greene has nearly$120,000 in the bank; county subpoenas account activity Commissioners will hire firm in Buncombe County manager search, hold public sessions The settlement is nearly $230,000 less than the total quantity Buncombe County paid to purchase entire life insurance coverage policies for Greene, her kid and 10 other employees. The county likewise spent for an annuity for Emergency Services Director Jerry VeHaun.
Under the settlement, Buncombe County would release Guardian; its broker, Charlotte-based Consolidated Preparation Inc., and workers from any liability claims.
The company and the life insurance coverage agent who sold the policies, Bo Cauble, were never called as defendants in the county’s civil lawsuit.”One of the factors we have not been possibly as forthcoming is due to the fact that there were settlements that were sensitive in nature and could have been threatened if this had been publicized,” said Ron Payne, an Asheville attorney who has actually been worked with as legal counsel for Buncombe’s civil match.
All workers aside from Greene and her boy have reassigned their policies to Buncombe.
Nearly$460,000 in county funds was invested in premiums for Greene’s 2 whole-life policies, according to a federal indictment. More than$101,000 was spent on premiums for among Michael Greene’s policies. Buncombe County still will attempt to recoup funds from Wanda and Michael Greene related to the policies. Court records reveal the county is seeking more than $950,000 in damages through its civil lawsuit versus the mom and kid.
Wanda Greene squandered her two policies soon after retirement, federal prosecutors have stated. The county has actually stated that Michael Greene has refused to reassign his policies back to the county.
“My hope at the end of the day is we’re going to recuperate all the money that this county has lost,” Payne stated.
He said paperwork to settle the settlement might be completed today. The county would then receive a swelling amount payment.
The most current federal of indictment of Wanda Greene, revealed last month, implicates Greene of using more than $2.3 million in funds set aside for wrongful conviction settlements to pay for a deceptive life insurance coverage scheme. She was charged with cash laundering, wire fraud and federal program scams, signing up with previous scams and embezzlement charges originating from an April indictment. Michael Greene also has been charged. Both have pleaded not guilty. Who got the policies 10 staff members received at least one entire life insurance policy after the county spent more than$2.3 million on premiums.
Another employee received an annuity after he was not authorized for a whole-life policy, according to
a federal indictment against Wanda Greene. Jon Creighton, ex-assistant county manager: $522,000 face-value policy. $215,000 in premiums. Pat Freeman, recognition director: $580,000 face value.$150,000 in premiums. Tim Flora, ex-finance director:$671,000 face value.$201,000 in premiums. Michael Frue, county lawyer:$557,000 face value. $150,000 in premiums.
Greg Isreal, former general services director:$538,000 face value.$150,000 in premiums. Mandy Stone, ex-county supervisor:$617,000 face value.$160,000 in premiums. Matt Stone, allows and examinations director:$587,000
stated value.$202,000 in premiums. Michael Greene, previous service intelligence manager:$419,000
stated value.$ 101,000 in premiums. The county stated Michael Greene has an extra county-funded policy that was not covered by settlement money suggested forwrongful-conviction suits. Diane Price, spending plan director
: Two policies, one with a$745,000 face value and another worth $338,000.
A total of $347,000 were paid in premiums. Wanda Greene, ex-county supervisor: 2 policies, each with a$700,000 face value. A total of$458,000 were paid in premiums. Jerry Vehaun, emergency situation services director:$150,000 annuity. Source: citizen-times. com