State seizes firm’s funds
February 27, 2009
Using state licensed insurance agencies and ads on Craigslist, a Houston company lured almost 300 older Texans into investing about $30 million in what the state is calling a fraud scheme.
On Thursday, Travis County state District Judge Scott H. Jenkins ordered a temporary injunction against National Life Settlements of Houston and placed the company under permanent receivership of Houston lawyer Janet Mortenson. The state has seized about $21 million in company bank accounts.
Mortenson said the investors, many retired, were from across Texas, particularly Houston, Austin and the Lower Rio Grande Valley. One investor was 80 years old.
Many of those who invested still may not know they were part of an alleged fraud scheme because the life insurance securities they thought they were buying did not have an immediate payout. The investments were made between November 2006 and Feb. 13, when the state first raided the National Life offices in Houston.
Read Article: Houston Chronicle
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