Three S. Fla. ‘Cousins’ Receive Prison Terms, Ordered to Repay $1.5M

August 4, 2005

Three South Florida cousins, Brian Shechtman, Dean Shechtman and Brad Shechtman, have been sentenced to prison by Lee Circuit Judge Thomas S. Reese for scheming to persuade seniors aged 75 to 94, to switch their health insurance to low-cost health insurance, over-bill them, and apply the extra money to life insurance policies. The Shechtmans, who operated the Elder Care Insurance Agency and Golden Senior Benefits, pleaded guilty in March to racketeering charges.

The trio raked in more than $2 million in commissions before their scheme was discovered and were ordered to pay $1.5 million in restitution to the victims as a condition of probation.

Brian Shechtman received 10 years in prison, but on the provision that if he completes two-and-a-half years with good behavior, he will be released on probation. Dean and Brad Shechtman each received one year in prison and 10 years probation.

Rosemary Welstead, the firm’s office manager, was sentenced to nine years in prison, but received one year of community control and eight years on probation. Camille Martinez Shechtman, Brad’s wife, and an agent for the company, was sentenced to eight years n prison, but her sentence was suspended on condition she completes 10 years of probation.

The case was prosecuted by the Office of the Statewide Prosecutor, which is overseen by Florida Attorney General Charlie Crist.

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