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BUSINESS
October 25, 2015 | By Chris Mondics, Inquirer Staff Writer
A New Jersey Superior Court judge ordered suspended lawyer Michael Kwasnik and two others to pay $14 million in restitution for running a Ponzi scheme that defrauded scores of elderly investors in New Jersey and Pennsylvania between 2008 and 2010. Authorities said Kwasnik ran the scheme through an investment company named Liberty State Benefits of Pennsylvania, based for a time in Philadelphia and Cherry Hill. He was assisted in the fraud by Joseph Schifano and Daniel Francis McCorry, authorities said.
BUSINESS
October 7, 1995 | By David I. Turner, INQUIRER STAFF WRITER
Hoping to cut down on the "churning" of life insurance policies, a society of insurance agents yesterday unveiled a questionnaire designed to raise red flags for agents about when it's wrong to replace a policy that has built up a cash value. The six-page "Replacement Questionnaire" stresses that replacing a life insurance policy is rarely in the policyholder's best interest and points out a number of reasons why a replacement is likely to leave the customer worse off. The questionnaire was developed by the American Society of Chartered Life Underwriters and Chartered Financial Consultants, which is based in Bryn Mawr.
BUSINESS
February 19, 1994 | By Andrew Cassel, INQUIRER STAFF WRITER Bloomberg Business News contributed to this report
A Pittsburgh lawyer yesterday sued Metropolitan Life Insurance Corp., arguing that agents for the nation's largest life insurance company intentionally deceived customers throughout Pennsylvania in order to boost sales. The class-action suit, filed in Pittsburgh Common Pleas Court, charges Met Life with encouraging its agents to "churn" life insurance policies held by customers in the state. "Churning" occurs when a life-insurance sales agent persuades a policy holder to trade in an old policy for a new one, without making it clear that the customer could lose part or all of the older policy's cash value in the process.
NEWS
March 9, 2012 | By Angela Delli Santi, Associated Press
TRENTON - New Jersey's Republican governor and Democratic-controlled Legislature have long agreed that it's time to stop large end-of-career payouts to government employees for unused sick days, but there's been less agreement on how to legislate away what Gov. Christie mockingly calls "boat checks. " An Assembly committee advanced the latest proposal Thursday. The measure would end the accumulation of payouts that can reach six figures but would allow employees to keep what they have lawfully accrued.
NEWS
March 16, 2014 | By Don Sapatkin, Inquirer Staff Writer
Gene Sauers began working at the Pennsylvania Department of Public Welfare on Feb. 17, 1964. The Beatles had appeared on The Ed Sullivan Show the week before. Medicare for the elderly and Medicaid for the indigent would be signed into law a year later. "There were tremendous political fights. It was worse then," Sauers said. And the rollout? "The problems now with Obamacare are nothing compared with the problems with Medicare. It took two decades to get it resolved. " By that time, Sauers was managing DPW's Bucks County Assistance Office, gathering the half-century of experience that he writes about in a slim paperback with largish print, Medicaid, PA Nursing Homes, and You . The contents are about as sexy as the title, and just as basic - 82 pages of frequently asked questions divided into chapters with headings like "Application Procedures: Where Do I Go?
NEWS
September 25, 2012 | By Peter Mucha, Inquirer Staff Writer
The Powerball jackpot is up to $200 million for Wednesday's drawing, after no one hit all of Saturday night's numbers. They were 2, 16, 18, 40 and 42, with a Powerball of 33. Five tickets came close, winning $1 million by matching the first five, but not the Powerball. They were sold in New York, Illinois, Missouri, Nebraska and Texas. Wednesday's cash value is estimated at $128.5 million. The jackpot has been growing for more than a month, but once the $200 million threshold is crossed, it can grow by leaps and bounds.
NEWS
June 5, 2012 | By Peter Mucha and INQUIRER STAFF WRITER
The biggest jackpot around got bigger over the weekend, as Powerball's annuity prize rose to $177 million for Wednesday's drawing. The cash value: $120.6 million. Tuesday's Mega Millions jackpot also went up, but just to $14 million — less than Jersey's Pick Six — after no one matched all the numbers drawn Friday night: 2, 27, 38, 46 and 52, with a Mega Ball of 45. New Jersey just missed the jackpots with two tickets sold in Bergen County. Winning $250,000 was a Mega Millions ticket sold at G&G Liquor & Wine in Teaneck.
BUSINESS
May 13, 1991 | by Randolph Smith, Daily News Staff Writer
Term life insurance is cheap when you're young. Whole life insurance is much more expensive in the beginning, but costs less in the long run. Which is best for you? You probably need some of each, depending on your age, needs and income. Parents under age 40 with young children typically need lots of life insurance. They should start with term insurance because it's the only type they can afford that provides enough coverage, says Jim Kane, president of Professional Association Consulting Services, a Philadelphia insurance consultant.
NEWS
December 8, 2012 | By Peter Mucha, Breaking News Desk
Haste prevents waste sometimes. Especially with expiring lottery tickets. In one local case, Santa's threatening to become the Grinch. Last Dec. 24 - Christmas Eve - a Powerball ticket purchased in Mount Holly won $200,000 by matching the first five numbers drawn: 14, 16, 30, 51 and 52. It failed to match only the Powerball of 19. No one has yet filed a claim, and time's up one year after drawings in New Jersey, as it is in most states,...
NEWS
November 16, 2012 | By Peter Mucha, Breaking News Desk
Call it a tale of three Powerball drawings. Last night, the annuity jackpot rose to $214 million. Last week, $1 million was won in Philadelphia, but has yet to be claimed. Saturday, another $1 million was won in Atlantic County, N.J. Let's not get these numbers confused. First, the Nov. 7 Philadelphia win. The $1 million winner was purchased at Centre Square News, 1500 Market St. It matched the first five numbers - 32, 34, 45, 52 and 58 - but not the Powerball of 20. The Nov. 10 South Jersey win. The $1 million ticket was bought at AV&K Petroleum, 212 E. White Horse Pike in Galloway.
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BUSINESS
October 25, 2015 | By Chris Mondics, Inquirer Staff Writer
A New Jersey Superior Court judge ordered suspended lawyer Michael Kwasnik and two others to pay $14 million in restitution for running a Ponzi scheme that defrauded scores of elderly investors in New Jersey and Pennsylvania between 2008 and 2010. Authorities said Kwasnik ran the scheme through an investment company named Liberty State Benefits of Pennsylvania, based for a time in Philadelphia and Cherry Hill. He was assisted in the fraud by Joseph Schifano and Daniel Francis McCorry, authorities said.
BUSINESS
September 18, 2014 | By David Sell, Inquirer Staff Writer
In a Philadelphia-area pharmaceutical takeover attempt, Endo International P.L.C. Tuesday offered to buy all of the shares of Auxilium Pharmaceuticals for $2.2 billion. After the New York Stock Exchange closed, Endo said in a statement that it "delivered a proposal to acquire all of the outstanding shares of Auxilium," for $28.10 per share in a cash and stock transaction that Endo valued at $2.2 billion. There was no immediate comment from Auxilium, whose stock closed Tuesday at $21.52.
NEWS
March 16, 2014 | By Don Sapatkin, Inquirer Staff Writer
Gene Sauers began working at the Pennsylvania Department of Public Welfare on Feb. 17, 1964. The Beatles had appeared on The Ed Sullivan Show the week before. Medicare for the elderly and Medicaid for the indigent would be signed into law a year later. "There were tremendous political fights. It was worse then," Sauers said. And the rollout? "The problems now with Obamacare are nothing compared with the problems with Medicare. It took two decades to get it resolved. " By that time, Sauers was managing DPW's Bucks County Assistance Office, gathering the half-century of experience that he writes about in a slim paperback with largish print, Medicaid, PA Nursing Homes, and You . The contents are about as sexy as the title, and just as basic - 82 pages of frequently asked questions divided into chapters with headings like "Application Procedures: Where Do I Go?
NEWS
December 8, 2012 | By Peter Mucha, Breaking News Desk
Haste prevents waste sometimes. Especially with expiring lottery tickets. In one local case, Santa's threatening to become the Grinch. Last Dec. 24 - Christmas Eve - a Powerball ticket purchased in Mount Holly won $200,000 by matching the first five numbers drawn: 14, 16, 30, 51 and 52. It failed to match only the Powerball of 19. No one has yet filed a claim, and time's up one year after drawings in New Jersey, as it is in most states,...
NEWS
December 7, 2012 | By Peter Mucha, Breaking News Desk
A ticket sold in Fairless Hills won $50 million in Wednesday night's Powerball drawing. The cash value: $33.1 million. Less taxes, of course. The ticket matched all the numbers drawn: 13, 17, 19, 27 and 38, with a Powerball of 12. It was purchased at Levittown News & Tobacco, 411 S. Oxford Valley Road, in Fairless Hills. It was the second Powerball jackpot hit in the area - or the state - this year. In April, a group of 48 SEPTA workers bought a ticket at the Gallery Mall in Philadelphia that paid $107.5 million in cash.
NEWS
November 16, 2012 | By Peter Mucha, Breaking News Desk
Call it a tale of three Powerball drawings. Last night, the annuity jackpot rose to $214 million. Last week, $1 million was won in Philadelphia, but has yet to be claimed. Saturday, another $1 million was won in Atlantic County, N.J. Let's not get these numbers confused. First, the Nov. 7 Philadelphia win. The $1 million winner was purchased at Centre Square News, 1500 Market St. It matched the first five numbers - 32, 34, 45, 52 and 58 - but not the Powerball of 20. The Nov. 10 South Jersey win. The $1 million ticket was bought at AV&K Petroleum, 212 E. White Horse Pike in Galloway.
NEWS
September 28, 2012 | By Peter Mucha, Inquirer Staff Writer
Who says 13 isn't lucky? Last night, it helped land $202.1 million for someone who played Powerball in Iowa, as well as $1 million for a Pennsylvania player. Only the Iowa ticket matched all the numbers drawn: 13, 26, 39, 41 and 42, with a Powerball of 10. Now, note that not only did 13 come up, but that 26 is two times 13, and 39 is three times 13, and the drawing was held on Sept. 26, which is also two times 13. What, you jest, no 52 - four times 13? Actually, 42 came up, and the Powerball was 10, and they add up to 52. Coincidence?
NEWS
September 25, 2012 | By Peter Mucha, Inquirer Staff Writer
The Powerball jackpot is up to $200 million for Wednesday's drawing, after no one hit all of Saturday night's numbers. They were 2, 16, 18, 40 and 42, with a Powerball of 33. Five tickets came close, winning $1 million by matching the first five, but not the Powerball. They were sold in New York, Illinois, Missouri, Nebraska and Texas. Wednesday's cash value is estimated at $128.5 million. The jackpot has been growing for more than a month, but once the $200 million threshold is crossed, it can grow by leaps and bounds.
NEWS
June 5, 2012 | By Peter Mucha and INQUIRER STAFF WRITER
The biggest jackpot around got bigger over the weekend, as Powerball's annuity prize rose to $177 million for Wednesday's drawing. The cash value: $120.6 million. Tuesday's Mega Millions jackpot also went up, but just to $14 million — less than Jersey's Pick Six — after no one matched all the numbers drawn Friday night: 2, 27, 38, 46 and 52, with a Mega Ball of 45. New Jersey just missed the jackpots with two tickets sold in Bergen County. Winning $250,000 was a Mega Millions ticket sold at G&G Liquor & Wine in Teaneck.
NEWS
March 9, 2012 | By Angela Delli Santi, Associated Press
TRENTON - New Jersey's Republican governor and Democratic-controlled Legislature have long agreed that it's time to stop large end-of-career payouts to government employees for unused sick days, but there's been less agreement on how to legislate away what Gov. Christie mockingly calls "boat checks. " An Assembly committee advanced the latest proposal Thursday. The measure would end the accumulation of payouts that can reach six figures but would allow employees to keep what they have lawfully accrued.
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