Report: St. Paul Company Raided by Commerce Dept.

The St. Paul offices of BeneVento Capital, which analyzes life insurance policies for clients, were reportedly raided on Wednesday by investigators from the Minnesota Commerce Department's insurance fraud division.

St. Paul-based BeneVento Capital's downtown offices were raided last week by investigators from Minnesota's Department of Commerce, according to a report by the Pioneer Press.

Investigators from the Commerce Department's insurance fraud division reportedly spent much of Wednesday morning carrying boxes out of BeneVento's offices, while a handful of the firm's employees sat on stairs and waited. By Wednesday afternoon, the investigators had left and some BeneVento employees returned to the office, according to the Pioneer Press, which based its report on information from unnamed sources and tenants of nearby buildings.

BeneVento, which analyzes life insurance policies for clients, declined to comment when contacted by the St. Paul newspaper.

According to BeneVento's Web site, its offices are located at 235 East Sixth Street. It “conducts objective statistical analysis of life insurance policies to determine the policies' potential for delivering intended results.”

Minnesota's Commerce Department can take enforcement actions against companies, and any resulting criminal action is transferred to federal or state prosecutors. Publicly available court documents on Monday morning did not indicate that charges had been filed against BeneVento.