SEC CHARGES LIFE PARTNERS HOLDINGS INC WITH FRAUD
Posted by: Robert Rex
January 06, 2012
Topic: SEC news
The SEC charged Texas-based Life Partners Holdings and three senior executives with fraud related to disclosure and accounting practices involving life settlements. Chairman and CEO Brian Pardo, president and general counsel Scott Peden and CFO David Martin were charged with misleading shareholders by failing to disclose risks to Life Partner's business by underestimating the life expectancy estimates it used to price transactions. As a result the assets were overvalued and it was made to appear that the revenue stream was greater and more steady that it actually was.
Pardo and Peden sold nearly $12 million of their own stock at inflated prices while in possession of material non-public information about the financial condition of the company.
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