Insurance agent faces fraud, forgery accusations

A Twin Cities insurance agent and art collector is accused of securing dozens of life insurance policies for one man totaling $127 million.

The Minnesota Administration of Commerce said Friday that it has abeyant Michael J. Antonello's allowance authorization and filed civilian accuse alleging allowance artifice and forgery. The administration additionally abeyant the authorization of his agency, Wealth Management Advisors of Minneapolis.

It alleges that Antonello, of New Brighton, anchored 44 behavior for John Paulson by misrepresenting the bulk of advantage Paulson already had.

Antonello accustomed ample commissions from the auction of these behavior and additionally profited from affairs anniversary of the behavior to investors, according to the department. Several allowance companies accept sued to abolish the behavior and balance the commissions.

The administration said this is the fourth case in which Antonello has fraudulently acquired assorted activity allowance policies.