Ep 7. The Martin Frankel Case
- TVPG
- January 30, 2008
- 2640 min
In the second season of American Greed, episode 7, viewers are presented with an intriguing financial crime committed by Martin Frankel. Known for his extravagant lifestyle and love for high-end collectibles, Frankel devises an elaborate scheme to embezzle money from several insurance companies.
The episode begins by introducing viewers to Frankel, his lavish lifestyle, and his love for expensive collectibles. Through interviews with those who knew him, viewers gain insight into the man behind the fraud.
The episode then delves into Frankel's scheme, which involved creating a fake investment portfolio and convincing several insurance companies to invest in it. However, instead of investing the money as promised, Frankel used the funds to purchase collectibles, such as rare stamps and coins, and to finance his expensive lifestyle.
The episode highlights the various red flags that were overlooked by the insurance companies and regulators, as Frankel's scheme continued to grow in scope and scale. Despite being investigated by the SEC and losing several key employees, Frankel continued to evade authorities by creating fake documents and taking extreme measures to hide his activities.
As the episode progresses, viewers are shown how Frankel's scheme eventually unraveled after a fire at one of his properties led authorities to investigate his activities more closely. Ultimately, Frankel was arrested and charged with multiple counts of fraud, money laundering, and other financial crimes.
The episode concludes with a discussion of the impact of Frankel's fraud on the insurance industry and the steps that have been taken to prevent similar schemes from occurring in the future. Viewers are left to ponder the lessons learned from this case and the importance of staying vigilant in the face of financial fraud.
Overall, viewers of American Greed are sure to be captivated by the Martin Frankel case, which serves as a cautionary tale about the dangers of greed and the need to remain vigilant in the face of financial fraud.
