Spitzer appeal raises the company abused in insurance for the elderly
The rapid growth “Life Settlement” industry - where investors buy life insurance in the possession of elderly and sick, in the hope of winning, if the seller dying - under fire growing regulatory authorities and support.
Yesterday, one of the biggest villages in life, Coventry First, was sued by New York Attorney General Eliot Spitzer, accuses the company of the offer Rigging and other types of fraud during the acquisition of more than $ 3.6 billion in value of life insurance.
Mr. Spitzer said, Coventry, whose headquarters is in Philadelphia, in secret payments to life district in exchange brokerage for the elderly and the sick to sell their policy of lower prices to attract buyers and Other rivals for takeover bids.
More than 150 pages of e-mails and other documents, by the Attorney General to show, Coventry office management staff and outside retail brokerage agreements minimize, as much of Coventry paid to maximize brokers pay booking fees.
“I like greed,” wrote an anonymous Regional Vice President Coventry in an e-mail by the appeal.
In one example, the appeal contends that Coventry paid a broker, who Allsettled Group, $ 49000 on a shelf for a competitor policy, it would pay $ 4.9 million over the death of a woman 80 years.
Allsettled’s Chief Executive, Michael Krasnerman, said his lawyer told him not to discuss. ”
In another case, an appeal, Coventry Allsettled $ 200000 promised to prevent other potential buyers offers of $ 10 million of life insurance.
Coventry leaders of disputed charges.
Mark Corallo, a spokesman for Coventry, said: “The Prosecutor General accusations are unfounded and without merit. They show a total lack of understanding of our industry.”
Coventry’s founder and Chief Executive, Alan H. Buerger said the company fight the action, adding in a statement: “The Prosecutor General of Civil Appeals based almost exclusively on a handful of out-of-context e-mails, do not support the allegations “.
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