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MI regulators identify 41 agents in securities case

By AP

LANSING, MI –
Michigan regulators say they have identified 41 insurance agents who were selling what state officials consider fraudulent investment products connected to a Kalamazoo area company called American Benefit Concepts.

The Office of Financial and Insurance Regulation says Tuesday the agents weren't licensed to sell securities products in Michigan.

The state recently broadened a cease and desist order originally issued in August to ABC and a number of related companies and individuals connected to the sale of unregistered securities products. Regulators say they have identified at least 400 Michigan victims totaling more than $50 million in investments.

A message seeking comment was left Tuesday with company representatives.

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