SEC Says Insurance Co. Fraudulently Sold Life Settlements
Law360, New York (April 7, 2015, 7:10 PM EDT) -- The Securities and Exchange Commission in California federal court Tuesday sued a Los Angeles-based insurance company and its owner for allegedly defrauding investors in the sale of fractionalized interests in universal life insurance policies, known as “life settlements.”
Life settlements are created by selling an interest in life insurance policy to a third party that will then receive a portion of the death benefit when the insured person dies.
According to the SEC’s complaint, Pacific West Capital Group Inc. and its owner, Andrew B. Calhoun IV, used proceeds from the sale of new life settlements to continue funding the investments they...
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