Life Partners Needs Ch. 11 Trustee, Judge Says

By Cara Salvatore (March 10, 2015, 7:52 PM EDT) -- A Texas bankruptcy judge ordered Tuesday that troubled insurance settlement provider Life Partners Holdings Inc. be supervised during bankruptcy by a chapter 11 trustee, something the U.S. Securities and Exchange Commission had pushed for in response to allegedly questionable company statements.

The order was revealed in a brief docket entry with no accompanying document. But it's a clear win for the SEC, which had asked for a trustee twice in the past two months.

Along with LPHI, company executives Brian Pardo and Scott Peden were ordered to pay $47 million in December for filing false reports with the SEC. LPHI filed for bankruptcy in January in...

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