County to get $2M settlement from insurance provider used by Greene – Mountain Xpress

18July 2018

Buncombe County is one action more detailed to recovering the cash it declares was misused by previous County Manager Wanda Greene and her kid, Michael Greene, who functioned as a county staff member up until August 2017.

County commissioners authorized a more than $2 million settlement from Guardian Life Insurance Co. during an unique meeting on July 17. Greene supposedly acquired whole-life insurance plan from Guardian for herself, her son, and 8 other county employees using about $2.3 countless county funds. An annuity was acquired for an extra staff member.

Board Chair Brownie Newman says Buncombe County did not submit a lawsuit versus the company and its brokers as it did versus Wanda and Michael Greene. However since the company offered the policies to Wanda Greene, the county reached a worked out settlement through its lawyer, Ron Payne.

“Mr. Payne has been talking with them to discuss what procedure could be utilized to return those funds to the county and to educate them about the truth that these policies were never authorized as is legally required,” Newman informed Xpress, “therefore they’ve been going over the matter for numerous months.”

The precise settlement provided by the company is $2,081,686.37. The Board of Commissioners said in early June that two policies worth $143,000 are still impressive in Michael Greene’s name. Payne said the company is paying the county for those policies, but as part of the settlement, if the county does get the policies from Michael Greene, the county consented to surrender those to the insurer with no further payment. Newman says the county will also make it clear that the county doesn’t have any other claims against the insurance provider or any of its representatives or brokers.

The total quantity the insurance company received from Buncombe County at Wanda Greene’s instructions was $2,310,000.

“I completely endorse this due to the fact that it is a good settlement,” Payne told commissioners on July 17. “The net difference being $228,313.63 is less than what Ms. Greene spent for her own policy. It has to do with half. I believe the insurer and its broker have actually done the ideal thing.” Payne said Greene paid $458,000 for her policies. According to an indictment released June 5, Greene moneyed in 2 whole-life policies provided in her name soon after retiring June 30, 2017, acquiring about $396,000.

The settlement from the insurance provider doesn’t, nevertheless, mark completion of the county’s civil suit against the Greenes.

“We see this as a crucial and extremely favorable step forward in the county recovering a large portion of the taxpayer funds that were misappropriated and illegally appropriated by Wanda and Michael Greene,” Newman states, “however we’re really identified to continue to recoup everything else that was misappropriated by the previous county manager. Our civil suit to accomplish that will continue.”

Newman says the county is also seeking to recover cash from the supposed misuse of county funds through purchase cards, illegitimate getaway days and retention benefits that were not legally acceptable.

Answers sent by State Staff members’ Cooperative credit union in reaction to a June 25 summons to garnish Wanda Greene’s 5 accounts on deposit there expose that the value of those accounts was $119,806.84.

In early June, according to court documents, FBI Special Agent Andrew Romagnuolo asked for a warrant to take $29,479.47 held in among Greene’s SECU accounts. Romagnuolo said in an affidavit that the $396,000 Greene received by cashing out her life insurance policies was deposited in the account in late July.

According to the affidavit, about $155,000 was moved from the account to a Tennessee law office in early August 2017, and about $100,000 was moved in mid-August 2017 to another SECU account held by Greene and ultimately supplied to Michael Greene and another individual who is not called in the affidavit. According to court filings, the $155,000 wired on Aug. 7, which was sent to the Tennessee law firm’s account at F&M bank in Clarksville, Tenn., was wired for the purposes of a property transaction.

Source: mountainx.com

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