We write today about an action filed by the Receiver of a life settlement company against various Agents that allegedly conspired with the company to fraudulently induce investors to purchase unregistered securities. According to the complaint, although the Receiver has been successful in recouping sixty-nine percent (69%) of the invested funds, the investors still suffered losses exceeding $9,000,000. The complaint alleges that the various Agents working with National Life Settlements, Inc. (“NLS”) committed securities fraud, aided and abetted in the sale of unregistered securities, and conspired to commit fraud. The Receiver seeks, among other things, punitive damages and the imposition of a constructive trust on all income and property received by the defendant Agents (“NLS Agents”).
Source: Financial Fraud AlertLeave Drinker Biddle to Learn More