The Texas State Securities Board in May 2010 obtained a court order shutting down Retirement Value. Regulators alleged the firm committed fraud by selling unregistered securities to investors.
Retirement Value CEO Richard “Dick” Gray, who authorities said repeatedly engaged in illegal sales of securities, has reached a tentative agreement to pay $650,000 in cash and property to settle claims.
The court-appointed receiver for Retirement Value LLC is recommending that a Travis County judge approve $7.7 million in payments to the “investor-victims.”
In the case of Retirement Value, regulators alleged a New Braunfels law firm served as the beneficiary of the purchased life insurance policies, while investors were “co-beneficiaries.” Investors were supposed to receive a pro-rata share of the death benefits when the insured die.
Investors were told they could expect to earn 16.5 percent annually upon maturity of the investments.

Retriement Value Life Settlements
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