By AP
LANSING, MI –
Michigan regulators say they have identified 41 insurance agents who were selling what state officials consider fraudulent investment products connected to a Kalamazoo area company called American Benefit Concepts.
The Office of Financial and Insurance Regulation says Tuesday the agents weren't licensed to sell securities products in Michigan.
The state recently broadened a cease and desist order originally issued in August to ABC and a number of related companies and individuals connected to the sale of unregistered securities products. Regulators say they have identified at least 400 Michigan victims totaling more than $50 million in investments.
A message seeking comment was left Tuesday with company representatives.