Pensioners defrauded – Luxury life in the Caribbean with fraud worth millions

A villa in Baden, Lower Austria, and a property in the Dominican Republic – a 74-year-old lived in luxury while dozens of retirees worried about their pension savings. The broker allegedly persuaded elderly clients to take out unsuitable insurance for years – at least from 1999.

Dorit K. (83) reports: “The suspect gave me and my husband various life insurance policies. We wanted to make provisions for old age, especially for my physically disabled husband, and designated each other as beneficiaries.” The couple initially paid as much as 100,000 euros per year for a period of twenty years – they were already in their mid-sixties.

“After a few years, the suspect came to us with a blank sheet of paper about a term. My husband already needed care and didn’t know what he was signing.” The 83-year-old’s husband died in early 2019. It was not she who collected the life insurance, but Karl G., the broker.

Dozens of pensioners have been robbed of millions
Another victim, Peter K. (83), was also a customer: “My idea was to create provisions for old age. Also that my wife is insured.” He paid almost 17,000 euros per year, which at a certain point was no longer profitable.

“He said we could sell the policies at any time if the premiums got too high.” But the 74-year-old broker then suggested he would take over the insurance and continue to pay the amounts. They would share the profits proportionally, but that never happened.

And these are just two of the fates of dozens of Karl G. customers. The Vienna public prosecutor’s office is currently investigating serious commercial fraud. This includes around seventy UNIQA life insurance policies, with losses running into several million. Who probably also paid for his stay in the Caribbean