Frankel, Martin (1955–)

MARTIN FRANKEL, A MONEY manager and former stock broker, orchestrated the largest insurance fraud in U.S. history. Frankel took over small insurance companies in several states, using pseudonyms and a variety of front persons and companies, and then stole their assets. He placed large sums of money in Swiss bank accounts, and financed an extravagant lifestyle that included international travel and expensive spending sprees.

Frankel was a Toledo, Ohio native who gained notoriety because of his illicit activities, and also because of his eccentric lifestyle. A stockbroker until he was barred from trading by the Securities and Exchange Commission (SEC) in 1992, Frankel continued in the field, running an unlicensed brokerage firm, Liberty National Securities, Inc. (LNS). In addition to LNS, Frankel ran two other financial ...