Feds Frisk Finance Firm
- Posted on September 28, 2011 at 12:12pm by
Becket Adams
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Imperial Holdings, Inc. is about to get famous for all the wrong reasons.
On Tuesday evening it announced that it was served with a search warrant by a Magistrate Judge for the U.S. District Court in the Southern District of Florida.
Imperial Holdings confirmed the raid and said it, along with certain employees, including its chairman and chief executive and its president and chief operating officer, were under investigation for matters related to the company’s life-insurance business, reports 24/7 Wall St.
The company is involved in the often-controversial field of providing liquidity solutions with a focus on individual life insurance policies and purchasing structured settlement payments.
“Today’s action comes as a complete surprise. We are not aware of any wrongdoing and will cooperate fully,” Chairman and CEO Antony Mitchell said in the statement.
The company also noted that no action has been taken against its structured settlement business and it claims to anticipate that it will be in normal operations in all of its business segments.
Attempts to reach CEO Antony Mitchell and other Imperial executives were not successful.
Its largest shareholder, with a 9.5 percent stake according to Thomson Reuters data, is Pine Trading Ltd, a Bahamas-registered entity that only holds Imperial shares, according to Reuters.
According to Imperial’s annual report, Pine Trading is controlled by David Haring, who also controls other entities in partnership with Chairman and CEO Mitchell.
Insiders have recently been buying the company’s shares, according to U.S. Securities and Exchange Commission filings.
The company said it would hold a board meeting later on Tuesday and it expected all of its businesses to resume normal operations on Wednesday.
An FBI spokesman in Miami said agents were acting on a search warrant issued by the U.S. Attorney’s office in New Hampshire. The New Hampshire office would not comment on the investigation, reports Reuters.
The Palm Beach Post reported that FBI agents appeared to be gathering evidence inside the company’s offices, and pictures on its website showed agents leaving the building.
The South Florida Business Journal said an agent leaving the building said he was working for the U.S. Treasury.
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I.Gaspar
Posted on September 28, 2011 at 3:59pmThey must have made an untoward remark about First Lady Wide Load’s butt size.
Report Post »ccfonten
Posted on September 29, 2011 at 12:21pmNo matter how she diets and exercises, she will never get rid of that wide backside! She inherited it as many of her race did. You cannot change genetics!
Report Post »mad_hatter
Posted on September 28, 2011 at 3:00pmSomething I found interesting yesterday was the Investment Trader that said he prays for another bad economy… another recession: http://www.americanparchment.com/video/2011/sep/trader_market_crash.html
SCARY ISN”T IT???
Report Post »chipmunk
Posted on September 29, 2011 at 2:56amThank you for sharing that link.
@EVIL BERT
Report Post »Good analysis.
LadyIzShy
Posted on September 28, 2011 at 2:51pmi will withhold judgement for now but THIS governments history thus far says its out of control but im willing to wait and see more details
Report Post »Evil Bert
Posted on September 28, 2011 at 2:33pmThis doesn’t sound like it is just about structured settlement payment buyouts, but rather something shady going on with the CEO, et al. The firm in Bahamas only owning shares in the one company (Imperial Holdings) is pretty shady and it is clear as to the purpose. Then you have Pine Trading which the CEO is also in business with personally. Too many shady things going on. I think the feds are right on this one and are doing their job finally. Not everything is about Obama trying to screw Americans over. Obama isn’t sitting their in the oval office saying… “hmm… lets bust Imperial Holdings today.”
Report Post »Zen Patriot
Posted on September 29, 2011 at 9:08amHmmm… are you SURE about that?
Report Post »chipmunk
Posted on September 29, 2011 at 9:19am@ZEN
Report Post »All this financial talk, it‘s above Obama’s pay grade.
michael48
Posted on September 28, 2011 at 2:32pmhe!!, obimboy and thugs are about to eclipse, the Peoples Repubic of Cali-fornica….out here . if you have a LEGAL, TAXPAYING CITIZENS BUSS. LIC., you’re thrown into a lottery…a one way ticket to GITMO…so I quietly moved to AMERICA…
Report Post »SamIamTwo
Posted on September 28, 2011 at 2:28pmThe feds doing what el presidente wants them to do…
structured settlement payments is a common practice…
Report Post »Dustyluv
Posted on September 28, 2011 at 2:18pmLook out JG Wentworth…a bus is about to run over you too. The FEDS are out of control.
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