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Doctors Benefit Insurance Co

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October 4, 2005 | From Associated Press
An insurance firm that sold disability insurance to doctors and drew scrutiny from federal tax auditors has agreed to cease operation and return $500 million to participants, the Internal Revenue Service announced Monday. Doctors Benefit Insurance Co. of Barbados agreed to pay $2.34 million to the IRS but did not admit wrongdoing, according to a statement by the IRS. Doctors Benefit sold supplemental disability insurance policies to 2,800 U.S. doctors through Xelan Inc.
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November 5, 2004 | Kathy M. Kristof, Times Staff Writer
A federal judge in San Diego froze $500 million in bank and investment accounts managed by Xelan Inc., which is accused of perpetrating a massive tax fraud and Ponzi scheme, authorities said Thursday. In a civil complaint filed Tuesday but unsealed Thursday, law enforcement officials claimed that the San Diego company lured doctors into a fraudulent tax scheme, which allowed them to write off millions of dollars in bogus deductions for supposed benefit plans and charitable contributions.
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