Slain Executive Held Wall Street “Trade Secrets”

1financial terrorism
Do you remember reports about  BOLI, and 54-year old Melissa Millan, who was killed November 20, 2014?
The coroner’s report determined that Millan’s death was attributable to a stab wound to the chest with an “edged weapon.” Police ruled the death a homicide.

Wall Street On Parade reports:

  • Melissa Millan was Senior Vice President with Massachusetts Mutual Life Insurance Company (MassMutual) headquartered in Springfield, Massachusetts and a member of its 39-member Senior Management team according to the company’s 2013 annual report. Millan had been with the company since 2001.
  • Information has now emerged that Millan had access to highly sensitive data on bank profits resulting from the collection of life insurance proceeds from her insurance company employer on the death of bank workers – data that a Federal regulator of banks has characterized as “trade secrets.”
  • BOLI is shorthand for Bank-Owned Life Insurance, a controversial practice where banks purchase bulk life insurance on the lives of their workers. The death benefit pays to the bank instead of to the family of the deceased. According to industry publications, MassMutual is considered one of the top ten sellers of BOLI in the United States. Its annual reports in recent years have indicated that growth in this area was a significant contributor to its revenue growth.
  • The cash buildup in the policies contribute to annual earnings on a tax-free basis while the death benefit is received free of Federal income tax when the employee eventually dies. Even if the worker is no longer employed at the bank, it can still collect the death benefit. Banks owning BOLI routinely conduct “death sweeps” of public records using former employees’ Social Security numbers to determine if a former employee has died. It then submits a claim request for payment of the death benefit to the insurance company.
  • Details on the number of workers insured and the annual amounts that big Wall Street banks report as profits on the death of their current and former workers are closely guarded secrets

“While the OCC refused to provide this information, Millan was among a limited group outside of Federal regulators who was in a position to have broad data on the death benefit claims being submitted by multiple banks. Having data across multiple banks could have facilitated the type of peer review studies we had requested from the OCC – trade secrets that Wall Street does not want to allow into the sunshine.”

Read Full Report: wallstreetonparade.com
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RELATED:
https://ronmamita.wordpress.com/2014/04/29/banking-sleuths-file-an-excellent-preliminary-report/
https://ronmamita.wordpress.com/2014/11/26/another-dead-banker-melissa-millian-massmutual-senior-vp/
https://ronmamita.wordpress.com/2014/11/26/corporate-media-mutilate-facts-about-banker-deaths/
https://ronmamita.wordpress.com/2014/12/03/could-insurance-pay-for-bankers-murder-remember-boli/
https://ronmamita.wordpress.com/2014/12/01/anonymous-posted-an-astonishing-list-of-dead-bankers/
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4 comments on “Slain Executive Held Wall Street “Trade Secrets”
  1. RonMamita says:

    BANKER DEATH UPDATE: SLAIN MASS MUTUAL EXECUTIVE MELISSA MILLAN HAD “TRADE SECRETS”

    http://gizadeathstar.com/2014/12/banker-death-update-slain-mass-mutual-executive-melissa-millan-trade-secrets/
    December 17, 2014 by Joseph P. Farrell

    Not long ago I blogged about the sad murder of Melissa Millan, an executive with Mass Mutual, who was found murdered on a jogging track near her home. She has joined a sad and growing list of people in banking or banking related business who have died under quite suspicious circumstances. But now there’s more information to add to her story:

    Slain MassMutual Executive Held Wall Street “Trade Secrets”

    This is one to study closely, folks, for it confirms that at least a part of the pattern we’ve been seeing is the relationship to BOLI, or Bank-Owned Life Insurance policies on its employees (which I definitely think is part of the pattern, though certainly not all of it). But in order to see the significance of this pattern, and the late Ms. Millan’s place within it, I want to draw your attention to certain paragraphs in this article. First, the general context:

    “Information has now emerged that Millan had access to highly sensitive data on bank profits resulting from the collection of life insurance proceeds from her insurance company employer on the death of bank workers – data that a Federal regulator of banks has characterized as “trade secrets.”

    “Millan was a Senior Vice President with Massachusetts Mutual Life Insurance Company (MassMutual) headquartered in Springfield, Massachusetts and a member of its 39-member Senior Management team according to the company’s 2013 annual report. Millan had been with the company since 2001.

    “According to Millan’s LinkedIn profile, her work involved the “General management of BOLI” and Executive Group Life, as well as disability insurance businesses and “expansion into worksite and voluntary benefits market.”

    “BOLI is shorthand for Bank-Owned Life Insurance, a controversial practice where banks purchase bulk life insurance on the lives of their workers. The death benefit pays to the bank instead of to the family of the deceased. According to industry publications, MassMutual is considered one of the top ten sellers of BOLI in the United States. Its annual reports in recent years have indicated that growth in this area was a significant contributor to its revenue growth.”

    And now, an important consideration:

    “Four of Wall Street’s largest banks are the largest owners of BOLI according to December 31, 2013 data from the Federal Financial Institutions Examination Council (FFIEC), holding a combined total of $68.1 billion. The four banks’ individual BOLI assets are as follows as of the end of last year:

    “Bank of America $22.7 billion

    “Wells Fargo 18.7 billion

    “JPMorgan Chase 17.9 billion

    “Citigroup 8.8 billion

    The BOLI assets, however, support a far greater amount of life insurance coverage in force on the workers’ lives – potentially as much as a ten to one ratio – meaning that just these four banks could be holding $681 billion on the lives of their current and past employees.” (Boldface emphasis added)

    Now ponder this one for a moment, for what is being implied is that BOLI policies count as assets on the books of the banks, from which they can conceivably be used in derivatives bundles, or even – perhaps surreptitiously – counted as part of the reserve requirements of the bank. If bundled into dreivatives and securities bundles, then the trading value of such policies increases exponentially… as does the danger – if such policies are traded in such securities bundles – that someone might try to “collect.” Of course, all that is way-out “wackadoodle” speculation, but it serves my point, that such policies – based directly on “human capital and life” – were used as assets on the books, and hence, most likely formed a huge component of the derivatives bubble that with all the talk of Quantitative Easing has fallen off the radar.

    Now with that wild speculation in mind, consider these paragraphs:

    “Since details on the number of workers insured and the annual amounts that big Wall Street banks report as profits on the death of their current and former workers are closely guarded secrets, in March of this year Wall Street On Parade wrote to the regulator of national banks, the Office of the Comptroller of the Currency (OCC), asking for BOLI information under the Freedom of Information Act.

    “Because JPMorgan Chase has experienced a number of tragic deaths among young workers in their 30s this year, we asked the OCC for the number of deaths from 2008 through March 21, 2014 on which JPMorgan Chase collected death benefits; the total face amount of BOLI life insurance in force at JPMorgan; the total number of former and current employees of JPMorgan Chase who are insured under these policies; and any peer studies showing the same data comparing JPMorgan Chase with Bank of America, Wells Fargo and Citigroup.

    “The OCC responded to our request on April 18, 2014, advising that they did have documents responsive to our request but that all documents were going to be withheld because they were “privileged or contains trade secrets, or commercial or financial information, furnished in confidence, that relates to the business, personal, or financial affairs of any person,” or relate to “a record contained in or related to an examination.” (See OCC Response to Wall Street On Parade’s Request for Banker Death Information).

    “It is noteworthy that JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are all publicly traded companies with shareholders. Under securities law, shareholders have a right to material information on how the company is making its profits. An investor who wants to own the shares of a well-run bank whose business model is to make prudent loans to businesses or loans to responsible retail customers, should have a right to know how much of a bank’s profits are coming from the unseemly practice of collecting death benefits on its workers.”

    Now, as I have indicated before, collecting on insurance policies would seem to me to not add up to very much “bottom line” on the profit-loss statements of the too-big-to-jail banks. So something else would seem to be involved.

    Then comes the crucial statements:

    “On July 1, 2011, Millan assumed the leadership “of an expanded and centralized services and operations division” that included “business underwriting and operations, as well as claims.”

    There is evidence that Millan did use internal studies to see trends. On September 18, 2013, MassMutual released a 2013Employer Perspectives on Disability Benefits study showing inadequate coverage of some workers in case they became disabled. The press release announcing the study quotes Millan as follows:

    “ ‘Not only are many executives at risk, but so are their families,’ said Melissa Millan, senior vice president, worksite insurance, MassMutual. ‘We commissioned this study to help employee benefits executives and benefits managers benchmark their disability insurance plans more effectively, and help lead organizations to fully informed recommendations and decisions.’ ” (Emphasis added)

    Now what all of this adds up to in my opinion, is the real bottom line: Information, and trends. Ms. Millan was in a position to see general trends, So this is not about banks offing their employees to collect on insurance. After all, if that were really the case, who would work for them?

    There is a trend, there is information, that someone desperately wants to keep a secret. I suspect the trend is not about “the immanent collapse of the dollar” or even massive market manipulation. Perhaps it’s not even about evidence of external market manipulation, but rather, about who, ultimately, is behind it.

    Now the question is: did any of these dead bankers ever have any direct contact with each other? Did they ever meet over a glass of wine or cup of coffee, to huddle and mutter under their breath what their suspicions were? Connections, in other words, now seems to be becoming a key part of the puzzle.

    See you on the flip side…

  2. RonMamita says:

    Tycoon Scot Young’s fatal fall linked to five other mystery deaths

    Stephen Curtis died when his new £1.5million machine plunged to the ground a short distance from an airport.

    Days earlier he told a relative: “If anything happens to me in the next few weeks, it will not be an accident.”Details of the crash emerged as police investigated the gruesome death of Mr Young on Monday. The property developer was killed when he was impaled on railings after plunging 60ft from the window of a £3million home in Marylebone, central London.

    It was Mr Curtis who reportedly introduced Young and two members of his circle, Robert Curtis and Paul Castle, to Russian billionaires. As a legal adviser on major property deals, Stephen Curtis was also acquainted with Russian oligarch Boris Berezovsky.

    Mr Young, Robert Curtis and Mr Castle all died after apparently committing suicide in the past four years. In March last year, exiled Mr Berezovsky was found dead in the bathroom of his home with a ligature round his neck.

    via Tycoon Scot Young’s fatal fall linked to five other mystery deaths | UK | News | Daily Express.
    http://www.express.co.uk/news/uk/546716/Tycoon-Scot-Young-s-fall-linked-five-other-mystery-deaths

  3. RonMamita says:

    70-Year-Old Hedge Fund Founder Shot Dead By His Son

    http://www.zerohedge.com/news/2015-01-04/70-year-old-hedge-fund-founder-shot-dead-his-son
    04 Jan 2015

    We thought yesterday’s absurd story of former hedge fund manager James Crombie, founder of Paron Capital Management, who was arrested after found squatting in a million dollar Maryland house, would be as strange as it gets for hedge fund news this weekend. We were wrong: moments ago the WSJ reported that Thomas Gilbert, founder of the $200 million Wainscott hedge fund, whose success Gilbert said previously had come from investing in biotech funds, was found dead with a single bullet to the head in his Manhattan apartment this afternoon, allegedly shot by none other than his 30-year-old son.

    From the WSJ:

    Thomas Gilbert, 70 years old, founder of the Wainscott Capital Partners Fund, was fatally shot around 3:30 p.m. by a 30-year-old man believed to be his son, the official said. The alleged shooter’s mother called 911 shortly after she found Mr. Gilbert in the bedroom with a handgun nearby, the official said.

     

    Mr. Gilbert was declared dead inside the Turtle Bay apartment, the official said.

     

    Mr. Gilbert and his son—whose name police didn’t release—were believed to be discussing differences in their relationship before the shooting, but no motive had been determined Sunday evening, the official said. Police said Sunday evening no one had been arrested.

    NY Daily News adds more:

    The founder of a $200 million hedge fund was gunned down Sunday in his East Side apartment during a fight with his 30-year-old son, who remains on the loose. Thomas Gilbert Sr., the 70-year-old founder and president of Wainscott Capital Partners, was shot in the head during the violent encounter with his son, Thomas Gilbert Jr., cops said.

     

    The 3:31 p.m. murder inside the senior Gilbert’s multimillion-dollar apartment at 20 Beekman Pl. near E. 50th St. sent cops fanning out across the tony Sutton Place neighborhood seeking the son, who fled the murder scene on foot, officials said. A porter at the luxury building said he had seen Gilbert Sr. earlier Sunday, but the financier gave no indication of trouble brewing. “I opened the door. He goes outside, he comes in, like always,” said the porter, who described Gilbert as “friendly,” “very nice” and a “gentleman.”

     

    Police said Gilbert was dead at the scene from the single gunshot wound to the head.

     

    Known as a Wall St. wizard, Gilbert founded his hedge fund in 2011 and helped build it into thriving firm managing $200 million in total assets.

    Gilbert was a big biotech investor:

    In an interview in November, Gilbert said his company’s success came from investing in biotech funds.

     

    “The performance that we had in September and October really set us apart,” he told FinalAlternatives.com. “People wanted to see how we performed in a bear market and that worked out brilliantly for us. We’re not trying to beat all the biotech funds, we’re basically trying to avoid drawdowns.”

    From Gilbert’s website bio:

    Thomas S. Gilbert founded Wainscott Capital Partners Fund, LP in 2011, and is the Managing Member of the General Partnership, Wainscott Capital Partners, LLC and is President of Wainscott Capital Management, LLC, the management company. A graduate of Princeton and Harvard Business School, Mr. Gilbert has extensive knowledge of the alternative investment space having spent 40 years on Wall Street with direct investing experience in the stock market, as well as private equity, real estate, and the fixed income market. Previously, Mr. Gilbert was a Co-Founder of Syzygy Therapeutics, a private equity biotech asset acquisition fund, which focused on identifying and investing in late-stage biotech drug candidates, with potential for billion dollar markets. Mr. Gilbert left Syzygy in April 2011 to form Wainscott Capital Partners. Mr.Gilbert founded and ran Knowledge Delivery Systems, Inc as Chairman and CEO from 2000 through May, 2009, Chairman through December, 2010, and is currently a Director of KDS. He is a former Managing Director of Venture Capital at Loeb Partners Corporation, where he was responsible for originating, structuring, and monitoring a broad spectrum of private equity portfolio investments. Mr. Gilbert is currently a Director of North Atlantic Holding Company, Inc. in addition to Knowledge Delivery Systems.

    To be sure, the newsflow out of hedge fund land at the start of every year when the books are squared away tends to get crazy, but this is far and beyond the pale and even put to shame the story of Kim Karapetyan, 29-year old Moscow Hedge Fund wunderkind, who instead of facing his investors following massive losses decided to simply… disappear.

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