Colorado Life Settlement License
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Life Partners made news in Colorado regarding life settlements and viaticals. Here is some of the article:
Denver District Court Judge Robert McGahey on Wednesday entered a permanent injunction against a company that sold unregistered securities in Colorado in violation of the Colorado Securities Act.
With the injunction, Life Partners Inc., a subsidiary of Waco, Texas-based Life Partners Holding Inc. (NASDAQ: LPHI) is prohibited from selling unregistered viatical settlements in Colorado without a proper license.
A viatical, or life settlement, is the sale of a life insurance policy by a terminally ill person or senior citizen at a price discounted from the face value of the policy. Investors pay the premiums and receive the face value of the policy when the insured party dies. In return, the insured person gets a portion of the proceeds as a lump sum.
According to a complaint from Colorado Securities Commissioner Fred Joseph, Life Partners raised more than $11.5 million from more than 110 Colorado investors through what he called a fraudulent, unregistered offering of securities in the form of fractionalized interests in viatical and life settlements.
Full article:
Injunction issued against Life Partners
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