Mutual Benefits Corporation was a Ft. Lauderdale, Florida based investment sales company that operated a huge ponzi scheme selling viatical settlements, with investors losing an estimated $835 million.
After working at his father-in-law's import/export business, Steinger set up a boiler room operation selling fraudulent commodity options.
The company purchased life insurance policies at a discount from people with AIDS, cancer, terminal illnesses or who were elderly.
Joel Steinger received a 20-year prison sentence in 2014 after pleading guilty to conspiracy to commit mail and wire fraud.
The ponzi scheme was featured on the CNBC television program American Greed in October 2015 entitled "Friends Without Benefits.