U-T San Diego reports 36-year-old Byron Frisch was charged along with three others with conspiracy to commit mail and wire fraud.
Frisch and others are accused of submitting false information to obtain more than $50 million worth of life insurance policies for unqualified applicants who didn't plan to pay the policy premiums. Authorities say they received more than $1.6 million and the ability to sell the policies to investors.
The four allegedly recruited elderly individuals to apply for purported free life insurance policies with million-dollar death benefits, then submitted applications with false details.
Copyright 2013 The Associated Press.