Last Spring, we continued our coverage of Life Partners (LP), a holding company that buys and sells life insurance policies to (unwitting) investors.
Or should we say, sold:
"The SEC announced ... that disclosure and accounting fraud charges will be levied against Life Partners Holdings Inc ... The SEC also alleges that CEO Brain Pardo, general counsel Scott Paden and CFO David Marten misled shareholders ..."
No kidding.
As we noted in late 2010, LP's resident medical risk guru, a certain Dr Donald Cassidy, had a rather unenviable track record for picking, um, winners and losers: over 60% of the insureds had outlived his reported life expectancy, and almost a third had tripled it.
This boded ill for thosesuckers investors who did business with LP.
And it continues to do so:
"The SEC alleges that during the process of artificially underestimating the life expectancy of policyholders that Pardo and Paden then sold $11.5 million and $300,000 respectively in Life Partners stock at inflated prices."
So, $12 mil and their "clients" didn't even get t-shirts?
Or should we say, sold:
"The SEC announced ... that disclosure and accounting fraud charges will be levied against Life Partners Holdings Inc ... The SEC also alleges that CEO Brain Pardo, general counsel Scott Paden and CFO David Marten misled shareholders ..."
No kidding.
As we noted in late 2010, LP's resident medical risk guru, a certain Dr Donald Cassidy, had a rather unenviable track record for picking, um, winners and losers: over 60% of the insureds had outlived his reported life expectancy, and almost a third had tripled it.
This boded ill for those
And it continues to do so:
"The SEC alleges that during the process of artificially underestimating the life expectancy of policyholders that Pardo and Paden then sold $11.5 million and $300,000 respectively in Life Partners stock at inflated prices."
So, $12 mil and their "clients" didn't even get t-shirts?
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