It has been revealed that two men have been charged with creating fake life insurance policies.

The couple, a 50-year-old and a 44-year-old, were creating such cover to market them to unions and make a profit.

According to the judge, Paul J. Fishman, the marketers sold a no-contribution policy and claimed a third-party financing firm would be named as a beneficiary and would cover the costs of the protection.

However, their customers never received any death benefits and it soon became clear that no life insurance policies had ever been issued.

The pair made “similar false representations” to a third-party financing company that forked over millions to an account controlled by one of the duo. Nearly £1 million of that money was diverted for his own use, Fishman said.

The pair allegedly defrauded a factoring company out of near a million by selling the firm rights to nonexistent accounts receivables arising from the nonexistent commissions owed to them for the sale of the fraudulent life insurance policies.