Imperial Holdings accused of fraud
Boca Raton, FL–According to the South Florida Business Journal, on April 18th Sun Life Assurance Co. filed a federal lawsuit against Imperial Holdings and its Life Settlement subsidiaries, accusing the Boca Raton, Florida based company of fraud and civil racketeering.
Sun Life accused Imperial Holdings of fraudulently causing the company to award 29 life insurance policies with a face value of approximately $139.9 million. Sun Life claims Imperial Holdings misrepresented the purpose of the policies as well as the beneficiaries.
Imperial Holdings has stated that the lawsuit has no merit and asked for a dismissal.
Imperial Holdings is no stranger to legal problems. Last April, they agreed to pay a penalty of $8 million when they entered into a Non-Prosecution Agreement with the U.S. Attorney’s Office for the District of New Hampshire (“USAO”) relating to investigation into Imperial’s premium finance business.
