Texas Securities Regulator Sues Life PartnersPosted August 12th, 2011
The Texas state securities board is the latest government agency to pile onto Life Partners Holdings, with Texas Securities Commissioner Benette L. Zivley suing the life settlement provider for failing to respond to subpoenas issued by the State Securities Board.
The life settlement provider is suspected of misleading investors who invested in life insurance policies and not individuals who sold their life insurance policies to Life Partners.
The lawsuit asks the Travis County state district court to force Life Partners to respond to the subpoenas, which would require the company to divulge records of its marketing and sale of investments in life settlements.
Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).
For previous coverage of the Life Partners Holdings mess in Advisor’s Journal, see Life Partners Holdings Hit with Class-Action Lawsuit (CC 11-36), Life Settlement Provider Accused of Falsifying Life Span Reports (CC 11-23), & Life Settlements Funds Performance Fees under Scrutiny (CC 10-116).
For in-depth analysis of life settlements, see Advisor’s Main Library: A—Life Settlements—Introduction.