Would-be investor in Resource Underwriters accused of fraud

By David Marchant

23 years ago

Topics

Keywords

Bermuda Insurance Market David Trotter Donald W. Owens Hanover Financial Group Inc. Resource Underwriters

Robin Spencer-Arscott Security Group Insurance Agency Inc. Steven D. Blumhagen Susan Blumhagen Tee to Green Golf Parks Inc.

[ 5 more... ] [ top 5 ]

The potential embarrassment that Bermuda avoided by not granting a license to Robin Spencer-Arscott’s Resource Underwriters in 1997 has been hammered home by an SEC lawsuit filed in the United States.The man whom Spencer-Arscott claimed was providing Resource’s $30 million start-up capital, New York State-based Steven Blumhagen, has been accused of masterminding a $12 million investment fraud.Steven D. Blumhagen and his wife, Susan, who are both 50, are defendants in a civil lawsuit filed last year at the United States District Court for the Western District of New York.

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