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Le-Nature's CEO In Hot Water Over Insurance Policy

Law360 (April 2, 2007, 12:00 AM EDT) -- Citing evidence of shredded documents, cooked books, falsely inflated profits and a secret stash of jewels, an insurer wants a court to rescind a policy issued to beleaguered drink maker Le-Nature’s.

New Jersey-based insurer Federal Insurance Company claims Le-Nature’s founder and CEO, Gregory Podlucky, lied in his application for a $7.5 million policy to protect the bankrupt company from legal costs.

The alleged lies, which included overstated revenues and positive financial forecasts, but no mention of hidden jewels allegedly uncovered by investigators, rendered the July 2005...
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