Four men may be facing federal charges after a $1 Billion life insurance fraud which was revealed in 2004. A 25 grand court jury has heard how four different men all played different roles in a scam which effected more than 28,000 different Mutual Corps Investors.

The company miss-sold thousands of policies for the elderly AIDS patients and the terminally ill, the longer a person lives the less valuable the investment becomes. The prosecution team are saying that the MBC failed to disclose the risks, falsified life expectancy figures and mismanaged premium funds.

The company was closed back in 2004 after the entail suspicions of wrong doing was confirmed, the president of the company has already been convicted of securities fraud. Those being charged with fraud are two of the companies’ executives and two attorneys.