Life Settlement News

Peter Lombardi, the former president of Mutual Benefits, was sentenced to 20 years in federal prison today for his role in defrauding some 28,000 investors out of nearly $1 billion.

While analyzing what steps to take to restrict the sale of life insurance policies purchased only to be resold again, state legislators are closely evaluating the issue of life settlements.
Usually, in life settlement transactions, an elderly person sells a survivorship, whole, universal, variable, or term life insurance policy for a certain portion of the policy’s face value.

While analyzing what steps to take to restrict the sale of life insurance policies purchased only to be resold again, state legislators are closely evaluating the issue of life settlements.
Usually, in life settlement transactions, an elderly person sells a survivorship, whole, universal, variable, or term life insurance policy for a certain portion of the policy’s face value.

CORRECTION…by Life Partners Holdings, Inc.
Headline of release should read: Life Partners Reports Third Quarter and Nine Months Results (sted ...Second Quarter and Nine Months Results).
The corrected release reads: LIFE PARTNERS REPORTS THIRD QUARTER AND NINE MONTHS RESULTS

Zohar Elhanani has been named chief operating officer for Legacy Benefits Corporation (New York), a recognized leader and innovator in the life settlements industry. In his new position, Elhanani will spearhead the company’s growth through accelerated acquisition of high-quality life settlement assets and a new emphasis on the company’s ongoing national leadership in defining the industry’s best practice standards.

Deal makes it easier for ING producers to access one of the broadest premium financing offerings in the industry

The ING life companies in the U.S. have signed an agreement with Capital Management Strategies, which allows ING life company producers access to Capital Management’s Capital Maximization Strategy (CMS)(SM) premium financing programs. CMS is the largest and longest running life insurance premium finance program in the insurance industry.

Following the decision of the NAIC Life Insurance and Annuities (A) Committee to adopt varied amendments to the Viatical Settlements Model Act, officials and members of the Life Insurance Settlement Association (LISA) vowed to continue the fight and condemned NAIC’s so-called consumer protection measure as “a direct assault on consumer rights and established law, on the contrary.”

New Jersey recently enacted life-settlement provider licensing requirements, and Life Settlement Solutions Inc., one of the nation’s premier sources of life-settlement funding, was among the first life-settlement providers to receive a license under the law.

Maple Life Financial announces the release of its 2007 Life Settlement Advisor Survey Report.

Maple Life Financial recently conducted a survey of financial service advisors in an attempt to measure the awareness of life settlements and to gain a better understanding of this important segment.

R. Alexander Acosta, United States Attorney for the Southern District of Florida, and Jonathan I. Solomon, Special Agent in Charge, Federal Bureau of Investigation (“FBI”), announced today the guilty plea of defendant Clark Mitchell before United States District Judge Paul C. Huck in Miami. Clark Mitchell, a medical doctor once associated with Mutual Benefits Corp. (“MBC”), pled guilty to securities fraud in connection with his role in a viatical and life settlement scheme in which 28,000 investors lost approximately $956 million, in violation of 15 U.S.C. §§ 78j(b) and 78ff(a), 17 C.F.R. §240.10b-5, 18 U.S.C. § 2. Mitchell also pled guilty to conspiracy to commit health care fraud in connection with his employment at Community Healthcare/CenterOne, Inc (“CenterOne”), a South Florida AIDS clinic, in violation of 18 U.S.C. §371. Pursuant to the terms of his plea agreement, Mitchell faces a prison sentence of 10 years and a fine of over $5 million. Mitchell also agreed to be responsible for approximately $367 million in restitution payable to MBC investors, and more than $500,000 of restitution for the health care fraud. Sentencing is scheduled for March 7, 2007.