Principal Hits Lawyer, Own Salesman Over $10M STOLI

By Richard Vanderford

Law360, New York (March 11, 2010, 8:27 PM ET) -- Principal Life Insurance Co. has sued San Diego law firm founder Kasra Sadr and one of its own life insurance salesmen, accusing them of rigging a $10 million “stranger-oriented” policy fraud.

Sadr and Gabriel Giordano, a life insurance seller for Principal, conspired to buy a $10 million policy for a 73-year-old Utah man, knowing that the policy was to be sold off to a group of investors, Principal alleges in a complaint filed Wednesday in the U.S. District Court for the Southern District of California....
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