In 1991, Steinger started a business called Galaxy Wholesale Corp. through which he bought huge quantities of groceries in Puerto Rico and resold them in America. Marlene and her husband, David, invested $310,000 in the business, which Steinger operated out of an office on Oakland Park Boulevard. He also had two friends invest the same to make it a total of nearly $1 million.
Marlene served as the company's bookkeeper and says it made legitimate money. But then she noticed the numbers weren't adding up and began suspecting Steinger was skimming money. She says her worst fears were realized when she and her husband took a vacation and came back to find the offices empty.
Saul Loeb/KRT/Newscom
Steinger, right, who has plenty of secrets, yuks it up with since-indicted lawyer Michael McNerney.
Saul Loeb/KRT/Newscom
Ben-Veniste, a friend of presidents, cuts loose with Steinger when he's in South Florida.
Related Content
More About
Steinger had taken off with everything, including a Jaguar convertible that was owned by the company, and all of the investors' money, Marlene alleged in court.
"He just can't stay on the straight and narrow," says Marlene. "The business was fabulous, the money was coming in, and all of the sudden, we realized there was money missing. We left on vacation, and all of the sudden, there was no office. It was gone. No telephone number, nothing. I tracked him down, and we had a repo guy take the car back. I would have loved to have seen his face when he saw there was no car."
That may have been the only moment of satisfaction, though. She and her husband sued Steinger in state court in 1993. She says one of the partners got their money back, but everything else was lost. Although it didn't financially devastate the well-to-do couple, she says her husband, a retired property manager, was emotionally wiped out by the experience and died soon after.
"Joel destroyed my husband," she says. "As far as I'm concerned, he killed him. He ruined my husband's life. I have never wished anybody harm in my life, but I hope they lock him up and throw away the key."
About the time the Galaxy suit was winding its way through court, Steinger heard about a new business, the viatical industry. The idea was simple if a bit morose: Buy life insurance policies from dying AIDS patients and sell them to buyers who would collect the premiums when the sellers died.
The idea was that the AIDS patients could enjoy the money before they died and investors could make a killing. It was another "legitimate business" Steinger decided to enter.
But it wouldn't stay legitimate for long.
"Joel has nine lives," says Marlene. "He just keeps coming back."
Next week: Steinger buys politicians and bilks a billion.
