Texas is one of the heaviest regulated states pertaining to Life Insurance Settlements, and now it looks they uncovered some fraud regarding Life Settlements.
The Texas attorney general filed charges against two men for allegedly running a fraudulent life settlement scheme that targeted retirees and teachers.
Howard Judah Jr. of Houston and Gregory Jablonski of Castle Rock, Colo., raised about $20 million from 240 investors, the Texas attorney general’s office said in a statement Friday.
Judah and Jablonski formed the National Life Settlements company and marketed three types of programs, the statement said. The secured notes program purported to offer notes secured by life settlement policies that posed little or no risk and would earn up to a 10% annual rate of return.
The attorney general claims that the men falsely guaranteed lucrative returns, misrepresented their offerings, failed to disclose material information to investors, and violated Texas securities law.
More information will be posted here at Life Settlement Fraud when it becomes available.
I know a guy named Elmo Jackson in Orange Grove that was pushing that life-settlement stuff to teachers! I wonder when he will be brought in for questioning…