Investors who lost money in life settlement contracts and viaticals purchased through Life Partners should act now to pursue recovery of their losses.
(PRWEB) April 18, 2012
The SEC has filed suit against Life Partners Holding, Inc., Life Partners, Inc., R. Scott Peden (General Counsel and President), Brian Pardo (Chairman and CEO), and David Martin (CFO) in federal court in Waco, Texas, for allegedly misrepresenting the value of life insurance policies purchased on behalf of Life Partners’ customers. (See SEC v. Life Partners Holdings, Inc., Brian D. Pardo, R. Scott Peden and David M. Martin, Case No. 6:12-cv-00002 in the United States District Court for the Western District of Texas). The SEC alleges that Life Partners systematically and materially underestimated life expectancies in order to boost revenues and profit margins. Click here for the full SEC Litigation Release.
In addition, the Texas State Securities Board (TSSB) issued a Press Release outlining Life Partners’ alleged failure to answer several subpoenas of the TSSB. (See Texas State Securities Board v. Life partners Holding, Inc., Cause No. D-1-GN-11-002286, in the District Court of Travis County, Texas, 126th Judicial District). The TSSB has been conducting an ongoing investigation into Life Partners for suspected violations of the Texas Securities Act, including, but not limited to:
Fraudulent practices in connection with the offer for sale and sale of investments in life settlement contracts; the sale of unregistered investments; the sale of investments in life settlement contracts by people who are not registered dealers, agents, or investment advisers; and the fraudulent offer and sale of shares of its common stock.
Due to Life Partners’ alleged failure to cooperate, the TSSB was forced to file an Application to Enforce Subpoenas in the District Court of Travis County. In the Application, TSSB seeks a court order compelling Life Partners to disclose its records related to the marketing and sale of life settlement contracts. Named in the filing are Life Partners Holding, Inc., Life Partners, Inc., R. Scott Peden (General Counsel and President) and Brian Pardo (Chairman and CEO).
About Moulton & Arney, LLP
Moulton & Arney is a Houston, Texas, based boutique litigation and FINRA arbitration law firm representing investors nationwide in claims to recover investment losses. The investment fraud attorneys at Moulton & Arney, LLP have extensive experience representing individual investors in securities litigation and arbitration. Moulton & Arney have successfully represented thousands of individual investors in securities fraud lawsuits and arbitrations, with combined claims of hundreds of millions of dollars. Cindy Moulton has represented more than 1,000 investors in litigation arising from the sale of viatical investments.
Attorney Cynthia R. Levin Moulton, the firm’s founder, has a proven track record in investment fraud claims involving complex investment vehicles. She has been named a Texas Super Lawyer, is rated 5 out of 5 by Martindale.com, and is rated a 10.0 by AVVO.com.
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