Receivership Petitions and Orders
Statement of Changes in Cash and Invested Assets

This individual was placed in Conservation on August 27, 2007 along with three of the companies of which he was a principal, Administrative Employer Group, Inc., Employer’s Consortium V, Inc. and JRSO, Inc.

On May 9, 2012, Michael A. Ward was arrested on a criminal complaint charging him with one count of wire fraud. United States v. Michael A. Ward, 12 CR 353 (United States District Court for the Northern District of Illinois.) The complaint alleges, in summary, that Ward devised and participated in a fraudulent scheme in which he materially misrepresented that the insurance he brokered and sold was backed by legitimate insurers.  At the instruction of Director Andrew Boron, as Conservator of Ward, the OSD seized numerous Ward related accounts totaling more than $2 Million.  Ward’s accounts were seized in order to secure the availability of the funds for purposes of restitution.  These funds have subsequently been seized by the United States Marshal Service.

The United States Attorney's Office has asked that we post the following information:
If you purchased insurance from WARD, JRSO, Inc., IAC Ltd., or brokers offering insurance through WARD, JRSO, Inc., and/or IAC Ltd., and you feel you have been a victim of the alleged fraud, please fill out the survey and email to the United States Attorney's Office at usailn.victim.aa@usdoj.gov, mail to Felice Weiler, Victim Specialist, United States Attorney’s Office, 219 South Dearborn Street, 5th Floor, Chicago, IL 60604, or fax to 312-469-6215.

The United States Attorney’s Office may contact you in the future to seek your cooperation in obtaining more detailed information regarding your interactions with WARD, JRSO, Inc., and/or IAC, Ltd.  Your voluntary cooperation in answering the attached survey is very much appreciated.  Once you submit the survey, your information will be entered into the Victim Notification System (VNS).  Once your information has been entered you will receive an email advising you of public court proceedings. If you have already received information through VNS, please provide your victim, please include your victim identification number in your correspondence. At this time, the United States Attorney’s Office  is still continuing its investigation and is unable to return phone calls regarding certain matters of the case, particularly restitution.