Here are some tidbits from the release:
The Financial Services Authority (FSA) has warned of a liquidity gap at the heart of Keydata’s Defined Income Plans and accused the firm’s founder Stewart Ford of trying to mislead its investigators over £4 million paid to him by the business, court documents reveal.
The problem uncovered by the FSA is that the underlying US policyholders with the life settlement contracts held by Lifemark were not dying fast enough.
Although Lifemark’s $1.3 billion of life settlement assets are ultimately thought to be sufficient to meet its obligations, the 23,000 investors with £350 million in Lifemark could face delays in payouts in 2012-13.
The Lifemark bonds which underpin Keydata customers’ investments are managed by a Luxembourg-based company called Tandem Partners Sarl. ‘Lifemark is not making any comment at this time,’ said Colm Smith, director of Lifemark and Tandem.
Full Article:
www.citywire.co.uk/professional/-/news/wealth-management/
Posted in: Life Settlement.
A Wyoming man was charged with 19 counts of securities violations for allegedly defrauding more than a dozen investors in the state for selling them promissory notes purportedly backed by life settlements, according to The Billings Gazette in Montana.
Ronald George Spomer Jr. has been charged with selling unregistered securities, engaging in fraudulent securities practices and failing to properly register as a broker, the newspaper reported.
The Wyoming investors were among 320 people who bought about $30 million worth of insurance-backed notes from National Life Settlements, a Houston company.
Texas securities regulators settled a lawsuit against the firm in September. Earlier this week, a Texas securities commissioner said investors will get back $19.8 million, or 69% of the money they invested in the company. Many of the investors were teachers and state retirees who put their retirement savings in the investment.
Source: News Story
Posted in: Life Settlement.
