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by Robin Pilgrim, LawAndTax-News.com, London
Thursday, January 27, 2011
The United States’ financial regulator, the Securities and Exchange Commission
has publicly thanked the Gibraltar Financial Services Commission for its assistance
in bringing charges against a number of persons allegedly involved in ‘a massive
life settlement bonding fraud’.
According to the SEC, the fraud involved a company located in Costa
Rica that provide financial guarantee bonds on life settlements and claims to
protect investors’ interests in life insurance policies by promising to
pay the death benefit if the insured lives beyond his or her estimated life
expectancy.
The SEC claims that the firm issued policies with a face value of more than
USD670m. Allegations include that the individuals behind the company made material
misrepresentations about the assets that backed the bonds.
Commenting, the FSC’s Chief Executive, Marcus Killick, said: “Whilst
we obviously cannot provide details, I can confirm this did not involve Gibraltar
individuals but simply some services provided by a local licensee, which was
not the subject of the investigation and which has fully cooperated with this
Commission. This is another example of the FSC and the finance industry working
together to protect Gibraltar’s reputation as a finance centre.”
.
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