28,000investors who lost over $800 million in one Florida viatical scheme
In one Florida viatical and life settlement scheme, 28,000 investors lost over $800 million, and prosecutors said fraudulently low life expectancies left too little to pay premiums.
The firm's president pleaded guilty to securities fraud and was sentenced to 20 years.
Source: U.S. Attorney's Office, Southern District of Florida. Read more: life settlement fraud · case file