ERISA 2550.404a-1 Investment duties.
(a) In general. Section 404(a)(1)(B) of the Employee Retirement Income Security Act of 1974 (the Act) provides, in part, that a fiduciary shall discharge his duties with respect to a plan with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
DESPITE THIS LEGAL DUTY TO ACT IN THE BEST INTEREST OF THE FUND PARTICIPANTS.DESPITE HAVING FULL KNOWLEDGE OF THE FACTS REGARDING ULLICO LISTED BELOW. UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO.
ANY FUND THAT REFUSED HAS BEEN SEIZED AND TAKEN OVER BY THE UBC INTERNATIONAL.ANY FUND TRUSTEE OR FUND ADMINISTRATOR THAT HAS REFUSED HAS BEEN FIRED OR REMOVED BY THE UBC INTERNATIONAL.ANY UBC OFFICER WHO REFUSED WAS PERSECUTED BY "TWEEDLE DEE" DRAPER AND THE UBC 14D KANGAROO TRIAL SYSTEM
(YES SOOK, YOU MISFIT DELUSIONAL HACK. I SAID KANGAROO. SO PER YOUR LIES TO THE COURT I AM CRAZY AND NEED TO GO SEE DR SCARY HACKENSTEIN. CORRECT.)
DURING THIS CONTINUOUS AND ONGOING FORCED DIVERSION
OF FUND MONIES TO ULLICO THEY HAVE BEEN SLASHING BENEFITS TO UBC MEMBERS
AND THEIR FAMILIES AND ELIMINATING BENEFITS TO RETIREES.
DURING THIS CONTINUOUS AND ONGOING FORCED DIVERSION OF FUND MONIES TO ULLICO UNION MEMBERS ARE NOW FINANCING SUCH SCAMS AS THE ULLICO "INFRASTRUCTURE FUND"WHICH HAS CRAWLED IN BED WITH LABOR AND TRADE FRIENDLY CHINA.
DURING THIS CONTINUOUS AND ONGOING FORCED DIVERSION OF FUND MONIES TO ULLICO THESE UNION FAT CATS, INCLUDING DOUGLAS MCCARRON,HAVE CREATED,INTRODUCED AND LOBBIED TO GET PASSED THE CHANGE TO ERISA LAW HR83.THIS LEGISLATION ALLOWS THEM TO STEAL FROM THE PENSION CHECKS OF RETIREES.WELL DOCUMENTED RAT JAMES HOFFA JR HAS ALREADY MOVED TO TANK THE TEAMSTERS CENTRAL STATES PENSION FUND
2000-ULLICO TOTAL ASSETS DECLINED $537.3 MILLION BETWEEN DECEMBER 1999 AND JUNE 200
DURING THIS CONTINUOUS AND ONGOING FORCED DIVERSION OF FUND MONIES TO ULLICO UNION MEMBERS ARE NOW FINANCING SUCH SCAMS AS THE ULLICO "INFRASTRUCTURE FUND"WHICH HAS CRAWLED IN BED WITH LABOR AND TRADE FRIENDLY CHINA.
DURING THIS CONTINUOUS AND ONGOING FORCED DIVERSION OF FUND MONIES TO ULLICO THESE UNION FAT CATS, INCLUDING DOUGLAS MCCARRON,HAVE CREATED,INTRODUCED AND LOBBIED TO GET PASSED THE CHANGE TO ERISA LAW HR83.THIS LEGISLATION ALLOWS THEM TO STEAL FROM THE PENSION CHECKS OF RETIREES.WELL DOCUMENTED RAT JAMES HOFFA JR HAS ALREADY MOVED TO TANK THE TEAMSTERS CENTRAL STATES PENSION FUND
2000-ULLICO TOTAL ASSETS DECLINED $537.3 MILLION BETWEEN DECEMBER 1999 AND JUNE 200
2000-ULLICO STOCKHOLDERS LOST $375 MILLION IN THE FIRST 6 MONTHS
YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO
2002-ULLICO Inc. experienced a loss of $25.2 million in the third quarter of 2002, on top of an $8.7
million loss in the second quarter and $8.5 million loss in the first quarter. The total consolidated net loss
for the nine months ending September 30, 2002, was $42.4 million
2002-Total assets declined $93.7 million during the first nine months of 2002
2002-Total stockholders' equity declined $66.8 million during the first nine months of 2002
YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO
2003 -DOUG MCCARRON INVOLVED IN YET ANOTHER ULLICO FRAUD.DOUG MCCARRON SUBPOENAED BY A GRAND JURY.MCCARRON DEMANDS THE UBC LAW FIRM OF DECARLO AND CROOKED TEETH TO BE HIS LAWYERS
2003-THE UBC,DOUG MCCARRON AND UBC HACK LAWYER JOHN DECARLO INVESTIGATED BY THE DEPARTMENT OF LABOR FOR POSSIBLE FRAUD IN THE UNITED AUTO WORKERS STOCK PURCHASE AND HAMILTON LANE SCAM.DECARLO DEPOSED BY THE DEPARTMENT OF LABOR.
2003-UBC PENSION FUND INSURANCE BROKER MARSH USA INC. DECLARES ULLICO DOES NOT MEET THE CRITERIA FOR A COMPANY WITH WHO THEY WOULD DO BUSINESS. THE TRUSTEES ARE ADVISED TO PULL OUT 50% OF THEIR SEPARATE J DIVERSION OF FUND MONIES
2003-UNION GENERAL PRESIDENTS EXPRESS THEIR CONCERN OVER ULLICO
2003- "Accordingly, we are greatly concerned with company and other reports that raise serious questions about the ongoing financial viability of ULLICO Inc. and its subsidiaries".
2003-"The jeopardy the company faces from the Maryland Insurance Commission, a
grand jury, the SEC, and the Department of Labor; I believe that most directors do not understand the number,
scope, and severity of investigations"
grand jury, the SEC, and the Department of Labor; I believe that most directors do not understand the number,
scope, and severity of investigations"
February 2003-
four years of losses in insurance lines totaling $280 million
projected loss in 2003 of [20-300 million?]
WHAT IS THE ANSWER?? TO STEAL MORE MONEY FOR UNION MEMBERS FUNDS
"Another key issue is the status of
ULLICO's operating capital. We will explore possible sources in the longer
term of investment capital, such as additional investments from union
related pension funds."
YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO
2004-SELF-DEALING AND BREACH OF DUTY AT ULLICO INC
REPORT PREPARED BY THE COMMITTEE OF GOVERNMENTAL AFFAIRS UNITED STATES SENATE
1. ULLICO’s Employment and Business Dealings with Robert
Georgine’s Relatives
During his chairmanship of ULLICO, Georgine used the company to provide employment to at least four of his relatives: his daughter, two sons-in-law, and a nephew
In addition to his base salary of $650,000 per year, Chairman and CEO Robert Georgine claimed approximately $20 million in stock profits, bonuses, and benefits between 1998 and 2001. Four other senior ULLICO executives received
more than $9 million in stock profits, bonuses, and benefits over the same time
period.
2. The ULLICO Corporate Jet
As ULLICO’s businesses were struggling, as the unrealized gains from Global Crossing stock were disappearing, and as certain of ULLICO’s senior executives including DOUG MCCARRON were enriching themselves with special opportunities to dump their ULLICO stock at inflated
prices—the company decided to lease an expensive corporate jet.
3.ULLICO’s Board of Directors was large.
It consisted of 28 current and formerlabor leaders
(WHO DIVERTED HUNDREDS OF MILLIONS OF THEIR MEMBERS MONEY TO ULLICO)
4. ULLICO spent almost $14 million on legal, consulting, and lobbying fees to deal
with the multiple investigations
spawned by the stock transactions.
The company
spent more than $2 million on the Thompson investigation. Then they spent twice
as much, more than $4 million, on representation of individuals investigated
YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO
2012- INVESTORS WERE LINED UP DEMANDING THE RETURN OF $1.6 BILLION DOLLARS OF THEIR MONEY FROM THE ULLICO SEPARATE J ACCOUNT
YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO
2013
ULLICO CASUALTY LIQUDATED BY THE STATE OF DELAWARE
March 11, 2013,- Ullico Casualty Company
the Court signed a Rehabilitation and Injunction Order
JULY 7, 2013
Delaware Rehabilitation &
Liquidation Bureau
Company Name:
Ullico Casualty Company in Liquidation
Date of Rehabilitation: March 11, 2013
Date of Liquidation: May 30, 2013
ULLICO CASUALTY filed its
annual statutory financial statement for the fiscal year ended December 31, 2012, on
March 1, 2013.
ULLICO CASUALTY reported its
surplus as regards policyholders as of
December 31, 2012, as approximately
negative $52,000,000
.
YET UBC MULTI EMPLOYER FUNDS HAVE BEEN FORCED TO PUT HUNDREDS OF MILLIONS OF THEIR FUND MONEY IN ULLICO
