This is the American Greet Podcast presented by CNBC. I'm Stacey Keech.

In this episode of American Greet, Joel Steiger loves playing the ponies,

but finds betting on death is a bigger thrill.

He's a bad guy.

He's one of the worst the floor has ever seen.

Steiger's company, Mutual Benefits, tells investors they can make a killing

buying life insurance policies from dying patients.

They were telling investors, listen, you're helping sick people have money in their last days.

The $1.2 billion scheme even touches Olympic gold medalist Greg Luganis.

HIV AIDS was still thought of as a death sentence.

You know, I didn't know how long I had.

When Joel manipulates the odds, investors are put in a terrible spot.

No, I don't hope for her to die, but then when she does pass away, my nightmare will be over with.

Fort Lauderdale, Florida, home to 23 miles of pristine white sand beaches,

bikinis and boats.

Known as the Venice of America, the city also boasts an alluring maze of canals

that snakes through this coastal paradise.

But venture down one particular waterway and you'll discover an overgrown Shangri-La,

decaying under the Florida sun.

This $6.9 million mansion is the former residents of career con man, Joel Steiger,

founder of the investment firm Mutual Benefits.

Much like this home, Mutual Benefits was once viewed as a jewel in the South Florida landscape.

...