Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Jury finds Life Partners Holdings, Pardo liable for defrauding shareholders
Last edited Tue Feb 4, 2014, 03:44 PM - Edit history (2)
After beginning its deliberations on Friday, the jury of eight reportedly reached a verdict late Monday evening.
Andrew Ceresney, director of the Security and Exchange Commission’s division of enforcement, released a statement Tuesday morning that said: “We’re very pleased the jury found Life Partners and its executives liable for knowingly or recklessly defrauding shareholders, filing false SEC filings, and keeping inaccurate books and records.”
He added, “We’re also pleased the jury found Pardo, Life Partners’ CEO, responsible for falsely certifying that the company’s public filings were accurate when they were not.”
More at http://www.wacotrib.com/news/business/jury-finds-life-partners-holdings-pardo-liable-for-defrauding-shareholders/article_d9dd836b-97f4-5ea5-bf37-a81c9be34a23.html.
Cross-posted in the LGBT Group.
Related thread: http://www.democraticunderground.com/107814750
ETA: The first link was removed. The corrected link is at http://www.wacotrib.com/news/business/update-jury-returns-mixed-verdict-against-life-partners-holdings-pardo/article_d9dd836b-97f4-5ea5-bf37-a81c9be34a23.html .
Updated article:
A federal jury in Austin reached a mixed verdict in a civil case involving the Securities and Exchange Commission and Waco-based Life Partners Holdings, which is involved in brokering the sale of life insurance policies in investors.
The jury found that Life Partners did not commit fraud and its officers did not engage in insider trading as the SEC alleged, according to the verdict form. But it did rule that Life Partners Holdings, founder Brian D. Pardo and general counsel Scott Peden did violate certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. These primarily involved alleged misstatements made in books and records.
Both sides were claiming victory following the verdict.
Andrew Ceresney, director of the Security and Exchange Commission’s division of enforcement, released a statement Tuesday morning that said: “We’re very pleased the jury found Life Partners and its executives liable for knowingly or recklessly defrauding shareholders, filing false SEC filings, and keeping inaccurate books and records.”
The jury found that Life Partners did not commit fraud and its officers did not engage in insider trading as the SEC alleged, according to the verdict form. But it did rule that Life Partners Holdings, founder Brian D. Pardo and general counsel Scott Peden did violate certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. These primarily involved alleged misstatements made in books and records.
Both sides were claiming victory following the verdict.
Andrew Ceresney, director of the Security and Exchange Commission’s division of enforcement, released a statement Tuesday morning that said: “We’re very pleased the jury found Life Partners and its executives liable for knowingly or recklessly defrauding shareholders, filing false SEC filings, and keeping inaccurate books and records.”
4 replies
= new reply since forum marked as read
= new reply since forum marked as read
Here is the new link:
http://www.wacotrib.com/news/business/update-jury-returns-mixed-verdict-against-life-partners-holdings-pardo/article_d9dd836b-97f4-5ea5-bf37-a81c9be34a23.html
I edited the OP to indicate the new link. 