Says Benink, “I would be surprised [if Sanders got paid off], given Wetzel’s posture of poverty. But certainly somebody may have been paid off when there supposedly is not a single penny left. Sanders may have gotten the money, but he also may have been too embarrassed to file [as a creditor].” In any case, Wetzel and his wife may find it difficult to wipe away the Chapter 7 filing because there are fraud charges in Meredith’s suit, says Benink.
At one point, Meredith contacted an insurance company whose policies were being sold by Wetzel. Meredith was told that securities infractions do not count against the record of an insurance salesperson. According to the California Department of Insurance, Wetzel got licenses, effective last year, to sell insurance for Pacificare Life Assurance, Pacificare Life and Health, United Healthcare, United of Omaha Life, United World Life Insurance, Connecticut General Life, American Equity General Life, and Mutual of Omaha.