SEC Whistleblower, Gary Aguirre on the Fake Crackd
Post# of 4611
Posted On: 04/16/2014 10:11:28 PM
SEC Whistleblower, Gary Aguirre on the Fake Crackdown on Wall Street Crime
https://www.youtube.com/watch?v=WjN1_SM50yw
[ The lawsuit, filed in Illinois by California attorney Gary Aguirre ...
Under the law of Illinois, Texas, and every other state, a company has the exclusive right to issue and sell its own stock. The creation and sale of counterfeit or “phantom” stock by brokers and their customers violates these laws.
Individual investors need to know that the stock they are buying is real and not phantom stock cooked up by Wall Street insiders.
Without a stock certificate, we’ve seen how easy it is for Wall Street to pass off counterfeit stock in your account as legitimate and we want to put a stop to it.” ]
http://finance.yahoo.com/news/life-partners-s...00274.html
Life Partners Sues Charles Schwab Subsidiary for Counterfeiting
Business Wire
Life Partners Holdings, Inc April 15, 2014 3:40 PM
WACO, Texas--(BUSINESS WIRE)--
Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that it has filed suit against optionsXpress, Inc., a subsidiary of The Charles Schwab Corporation (SCHW), the company’s Chief Financial Officer, and one of the company’s largest customers for issuing and selling counterfeit shares of Life Partners Holdings stock.
The lawsuit, filed in Illinois by California attorney Gary Aguirre, whose practice focuses on market manipulation, asks the Court for an order preventing the Schwab subsidiary from creating and selling shares of Life Partners Holdings’ stock which were not authorized by the company. The action also asks the Court for protection from securities fraud, deceptive business practices and civil conspiracy arising from the unlawful issuance of the counterfeit shares.
Under the law of Illinois, Texas, and every other state, a company has the exclusive right to issue and sell its own stock. The creation and sale of counterfeit or “phantom” stock by brokers and their customers violates these laws.
The lawsuit is based on findings in an administrative proceeding by the U.S. Securities and Exchange Commission against optionsXpress and the other defendants which concluded that optionsXpress, its chief financial officer, and one of its biggest customers committed securities fraud by engaging in the sales of hundreds of millions of dollars in counterfeit-phantom stock passed off as the genuine stock of 25 public companies, including almost $5.5 million of counterfeit-phantom stock of Life Partners Holdings, Inc.
Life Partners Holdings CEO Brian Pardo commented, “This case isn’t about money. It’s about confidence in the market. It’s about making sure that, in the future, shareholders can be sure that they are purchasing legitimate, authorized stock. Individual investors need to know that the stock they are buying is real and not phantom stock cooked up by Wall Street insiders.
Without a stock certificate, we’ve seen how easy it is for Wall Street to pass off counterfeit stock in your account as legitimate and we want to put a stop to it.”
The company is continuing to investigate other persons and entities who may have engaged in counterfeiting shares of Life Partners Holdings, Inc.
The lawsuit is entitled Life Partners Holdings, Inc. et al. v. optionsXpress, Inc., Jonathan I. Feldman and Thomas E. Stern, Case No. 14CH6428, Circuit Court of Cook County, Illinois, County Department, Chancery Division. A complete copy of the complaint is available at: http://www.lphi.com/doc/Release_20140415.pdf ;
The SEC decision, In the Matter of optionsXpress, Inc., et al. is available on the SEC website at http://www.sec.gov/alj/aljdec/2013/id490bpm.pdf. ;
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements”. Since its incorporation in 1991, Life Partners has completed over 156,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling approximately $3.2 billion in face value.
Visit our website at: www.lphi.com. ;
Safe Harbor - This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The statements in this news release that are not historical statements, including statements regarding the basis, outcome or duration of the legal proceeding, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see our most recent Form 10-K. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
LPHI-G
Company Legal & Law Matters
Finance
Contact:
Life Partners Holdings, Inc.
Shareholder Relations
Andrea Atwell, 254-751-7797
info@lifepartnersinc.com
==============================================================================================
Background:
Life Partners Holdings, Inc. Announces Quarterly Dividend
December 17, 2013 10:58 AM Eastern Standard Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI), parent company of Life Partners, Inc., announced that it would pay a quarterly dividend of $0.05 per share to be paid on or about January 3, 2014 for shareholders of record as of December 30, 2013.
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements.” Since its incorporation in 1991, Life Partners has completed over 151,000 transactions for its worldwide client base of over 29,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3 billion in face value.
LPHI-D
Contacts
Life Partners Holdings, Inc.
Andrea Atwell, 254-751-7797
Shareholder Relations
info@LPHI.com
www.lphi.com
http://www.businesswire.com/news/home/2013121...08pMPldX30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life Partners Prevails in SEC Lawsuit
February 04, 2014 01:09 PM Eastern Standard Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that a federal jury has found that Life Partners did not commit fraud and its officers did not engage in insider trading as the Securities and Exchange Commission had claimed. The SEC made these claims in SEC v. Life Partners Holdings, Inc. et al., which was tried in the United States District Court for the Western District of Texas, Austin Division.
The SEC had claimed that Life Partners violated Rule 10b-5 by intentionally underestimating the life expectancies of the insureds in the life settlements it facilitated and that it hid this practice from the investing public. Life Partners disputed these claims arguing that it described the process of estimating life expectancies in detail, the life expectancies were independently sourced and the life expectancies were not underestimated when taken as a whole.
The jury also found that Life Partners’ CEO, Brian Pardo, and its General Counsel, Scott Peden, did not engage in insider trading.
The jury did find for the SEC regarding its claim that Life Partners had misstated its revenue recognition policy. This finding also supported the SEC claims that the Life Partners books and records were misstated. Life Partners denied that it had intentionally misstated its policies or financial statements. Before trial, the SEC had represented to the court that it was not pursuing the revenue recognition claims, and it did not present evidence regarding these claims. As a result, Life Partners has requested that the court dismiss these claims as a matter of law. The court is expected to rule on this motion before issuing a judgment.
Life Partners’ CEO, Brian Pardo, said, “We are extremely pleased that the jury has exonerated our company, our business practices and the life settlement asset class itself. As we demonstrated to the jury, life settlements as transacted through Life Partners provide a valuable service to senior Americans who want to sell their unwanted life insurance policies and are a tremendous alternative asset class for accredited investors seeking to avoid the volatility of the stock market. We provide a win-win transaction for everyone involved and, when put to the test, the jury could see the SEC’s allegations were not true.”
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements.” Since its incorporation in 1991, Life Partners has completed over 150,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value.
LPHI-G
Contacts
LPHI
Shareholder Relations
Andrea Atwell, 254-751-7797
info@lifepartnersinc.com
www.lphi.com
http://www.businesswire.com/news/home/2014020...08pcvldX30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life Partners Holdings, Inc. Announces Quarterly Dividend
March 04, 2014 09:41 AM Eastern Standard Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI), parent company of Life Partners, Inc., announced that it would pay a quarterly dividend of $0.05 per share to be paid on or about March 18, 2014 for shareholders of record as of March 14, 2014.
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements.” Since its incorporation in 1991, Life Partners has completed over 155,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value.
LPHI-D
Contacts
Life Partners Holdings, Inc.
Andrea Atwell, 254-751-7797
Shareholder Relations
info@LPHI.com
www.lphi.com
http://www.businesswire.com/news/home/2014030...08pm_ldX30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life Partners Cleared of All Fraud Claims
March 13, 2014 11:05 AM Eastern Daylight Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that an Austin Federal court has ruled that the Securities and Exchange Commission failed to prove any of its fraud claims against Life Partners and its CEO, Brian Pardo, and General Counsel, Scott Peden. The ruling followed a jury finding in February that neither Life Partners, Mr. Pardo nor Mr. Peden committed securities fraud under Rule 10b-5 and that Mr. Pardo and Mr. Peden did not engage in insider trading.
In the earlier ruling, the jury had found in favor of the SEC’s fraud claim under Section 17(a) relating to the company’s revenue recognition policies. That claim, which a government attorney characterized as "a lead” claim in the case, was challenged by Life Partners on the basis that it was not supported by any evidence. The United States District Court for the Western District of Texas, Austin Division agreed with Life Partners that there was no evidence to support the revenue recognition claims for the period of time in question and ordered that judgment be entered in favor of Life Partners, Mr. Pardo and Mr. Peden on that issue. As a result of this ruling, the Company, Mr. Pardo and Mr. Peden have been completely exonerated from any allegations of fraud alleged by the SEC.
The Court let stand the jury’s findings against Life Partners relating to bookkeeping, reporting and certification by the CEO on the company's financial statements, none of which involve fraud or knowingly or recklessly misleading shareholders.
Life Partners’ CEO, Brian Pardo, said, “We are very pleased with both the jury verdict and this ruling. This experience should remind all of us that it takes more than accusations, claims and innuendo to win in court. It takes evidence. Now that we have moved past these accusations of fraud, we can move forward as a company bringing value to both senior Americans and our shareholders. Life settlements, as transacted through Life Partners, provide a valuable service to senior Americans who want to sell their unwanted life insurance policies and are a tremendous alternative asset class for accredited investors seeking to avoid the volatility of the stock market and enjoy the potential for superior returns on investment.”
The case is SEC v. Life Partners Holdings, Inc. et al., Civil Action No. 1-12-C V-33-JRN in the United States District Court for the Western District of Texas, Austin Division.
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements”. Since its incorporation in 1991, Life Partners has completed over 155,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value.
LPHI-G
Contacts
Life Partners Holdings, Inc.
Andrea Atwell, 254-751-7797
Shareholder Relations
info@lifepartnersinc.com
www.lphi.com
http://www.businesswire.com/news/home/2014031...08p1_ldX30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life Partners Sues Charles Schwab Subsidiary for Counterfeiting
April 15, 2014 03:40 PM Eastern Daylight Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that it has filed suit against optionsXpress, Inc., a subsidiary of The Charles Schwab Corporation (NYSE: SCHW), the company’s Chief Financial Officer, and one of the company’s largest customers for issuing and selling counterfeit shares of Life Partners Holdings stock.
The lawsuit, filed in Illinois by California attorney Gary Aguirre, whose practice focuses on market manipulation, asks the Court for an order preventing the Schwab subsidiary from creating and selling shares of Life Partners Holdings’ stock which were not authorized by the company. The action also asks the Court for protection from securities fraud, deceptive business practices and civil conspiracy arising from the unlawful issuance of the counterfeit shares.
Under the law of Illinois, Texas, and every other state, a company has the exclusive right to issue and sell its own stock. The creation and sale of counterfeit or “phantom” stock by brokers and their customers violates these laws.
The lawsuit is based on findings in an administrative proceeding by the U.S. Securities and Exchange Commission against optionsXpress and the other defendants which concluded that optionsXpress, its chief financial officer, and one of its biggest customers committed securities fraud by engaging in the sales of hundreds of millions of dollars in counterfeit-phantom stock passed off as the genuine stock of 25 public companies, including almost $5.5 million of counterfeit-phantom stock of Life Partners Holdings, Inc.
Life Partners Holdings CEO Brian Pardo commented, “This case isn’t about money. It’s about confidence in the market. It’s about making sure that, in the future, shareholders can be sure that they are purchasing legitimate, authorized stock. Individual investors need to know that the stock they are buying is real and not phantom stock cooked up by Wall Street insiders. Without a stock certificate, we’ve seen how easy it is for Wall Street to pass off counterfeit stock in your account as legitimate and we want to put a stop to it.”
The company is continuing to investigate other persons and entities who may have engaged in counterfeiting shares of Life Partners Holdings, Inc.
The lawsuit is entitled Life Partners Holdings, Inc. et al. v. optionsXpress, Inc., Jonathan I. Feldman and Thomas E. Stern, Case No. 14CH6428, Circuit Court of Cook County, Illinois, County Department, Chancery Division. A complete copy of the complaint is available at: http://www.lphi.com/doc/Release_20140415.pdf
The SEC decision, In the Matter of optionsXpress, Inc., et al. is available on the SEC website at http://www.sec.gov/alj/aljdec/2013/id490bpm.pdf.
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements”. Since its incorporation in 1991, Life Partners has completed over 156,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling approximately $3.2 billion in face value.
Visit our website at: www.lphi.com.
Safe Harbor - This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The statements in this news release that are not historical statements, including statements regarding the basis, outcome or duration of the legal proceeding, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see our most recent Form 10-K. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
LPHI-G
Contacts
Life Partners Holdings, Inc.
Shareholder Relations
Andrea Atwell, 254-751-7797
info@lifepartnersinc.com
http://www.businesswire.com/news/home/2014041...08p-PldX30
https://www.youtube.com/watch?v=WjN1_SM50yw
[ The lawsuit, filed in Illinois by California attorney Gary Aguirre ...
Under the law of Illinois, Texas, and every other state, a company has the exclusive right to issue and sell its own stock. The creation and sale of counterfeit or “phantom” stock by brokers and their customers violates these laws.
Individual investors need to know that the stock they are buying is real and not phantom stock cooked up by Wall Street insiders.
Without a stock certificate, we’ve seen how easy it is for Wall Street to pass off counterfeit stock in your account as legitimate and we want to put a stop to it.” ]
http://finance.yahoo.com/news/life-partners-s...00274.html
Life Partners Sues Charles Schwab Subsidiary for Counterfeiting
Business Wire
Life Partners Holdings, Inc April 15, 2014 3:40 PM
WACO, Texas--(BUSINESS WIRE)--
Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that it has filed suit against optionsXpress, Inc., a subsidiary of The Charles Schwab Corporation (SCHW), the company’s Chief Financial Officer, and one of the company’s largest customers for issuing and selling counterfeit shares of Life Partners Holdings stock.
The lawsuit, filed in Illinois by California attorney Gary Aguirre, whose practice focuses on market manipulation, asks the Court for an order preventing the Schwab subsidiary from creating and selling shares of Life Partners Holdings’ stock which were not authorized by the company. The action also asks the Court for protection from securities fraud, deceptive business practices and civil conspiracy arising from the unlawful issuance of the counterfeit shares.
Under the law of Illinois, Texas, and every other state, a company has the exclusive right to issue and sell its own stock. The creation and sale of counterfeit or “phantom” stock by brokers and their customers violates these laws.
The lawsuit is based on findings in an administrative proceeding by the U.S. Securities and Exchange Commission against optionsXpress and the other defendants which concluded that optionsXpress, its chief financial officer, and one of its biggest customers committed securities fraud by engaging in the sales of hundreds of millions of dollars in counterfeit-phantom stock passed off as the genuine stock of 25 public companies, including almost $5.5 million of counterfeit-phantom stock of Life Partners Holdings, Inc.
Life Partners Holdings CEO Brian Pardo commented, “This case isn’t about money. It’s about confidence in the market. It’s about making sure that, in the future, shareholders can be sure that they are purchasing legitimate, authorized stock. Individual investors need to know that the stock they are buying is real and not phantom stock cooked up by Wall Street insiders.
Without a stock certificate, we’ve seen how easy it is for Wall Street to pass off counterfeit stock in your account as legitimate and we want to put a stop to it.”
The company is continuing to investigate other persons and entities who may have engaged in counterfeiting shares of Life Partners Holdings, Inc.
The lawsuit is entitled Life Partners Holdings, Inc. et al. v. optionsXpress, Inc., Jonathan I. Feldman and Thomas E. Stern, Case No. 14CH6428, Circuit Court of Cook County, Illinois, County Department, Chancery Division. A complete copy of the complaint is available at: http://www.lphi.com/doc/Release_20140415.pdf ;
The SEC decision, In the Matter of optionsXpress, Inc., et al. is available on the SEC website at http://www.sec.gov/alj/aljdec/2013/id490bpm.pdf. ;
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements”. Since its incorporation in 1991, Life Partners has completed over 156,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling approximately $3.2 billion in face value.
Visit our website at: www.lphi.com. ;
Safe Harbor - This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The statements in this news release that are not historical statements, including statements regarding the basis, outcome or duration of the legal proceeding, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see our most recent Form 10-K. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
LPHI-G
Company Legal & Law Matters
Finance
Contact:
Life Partners Holdings, Inc.
Shareholder Relations
Andrea Atwell, 254-751-7797
info@lifepartnersinc.com
==============================================================================================
Background:
Life Partners Holdings, Inc. Announces Quarterly Dividend
December 17, 2013 10:58 AM Eastern Standard Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI), parent company of Life Partners, Inc., announced that it would pay a quarterly dividend of $0.05 per share to be paid on or about January 3, 2014 for shareholders of record as of December 30, 2013.
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements.” Since its incorporation in 1991, Life Partners has completed over 151,000 transactions for its worldwide client base of over 29,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3 billion in face value.
LPHI-D
Contacts
Life Partners Holdings, Inc.
Andrea Atwell, 254-751-7797
Shareholder Relations
info@LPHI.com
www.lphi.com
http://www.businesswire.com/news/home/2013121...08pMPldX30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life Partners Prevails in SEC Lawsuit
February 04, 2014 01:09 PM Eastern Standard Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that a federal jury has found that Life Partners did not commit fraud and its officers did not engage in insider trading as the Securities and Exchange Commission had claimed. The SEC made these claims in SEC v. Life Partners Holdings, Inc. et al., which was tried in the United States District Court for the Western District of Texas, Austin Division.
The SEC had claimed that Life Partners violated Rule 10b-5 by intentionally underestimating the life expectancies of the insureds in the life settlements it facilitated and that it hid this practice from the investing public. Life Partners disputed these claims arguing that it described the process of estimating life expectancies in detail, the life expectancies were independently sourced and the life expectancies were not underestimated when taken as a whole.
The jury also found that Life Partners’ CEO, Brian Pardo, and its General Counsel, Scott Peden, did not engage in insider trading.
The jury did find for the SEC regarding its claim that Life Partners had misstated its revenue recognition policy. This finding also supported the SEC claims that the Life Partners books and records were misstated. Life Partners denied that it had intentionally misstated its policies or financial statements. Before trial, the SEC had represented to the court that it was not pursuing the revenue recognition claims, and it did not present evidence regarding these claims. As a result, Life Partners has requested that the court dismiss these claims as a matter of law. The court is expected to rule on this motion before issuing a judgment.
Life Partners’ CEO, Brian Pardo, said, “We are extremely pleased that the jury has exonerated our company, our business practices and the life settlement asset class itself. As we demonstrated to the jury, life settlements as transacted through Life Partners provide a valuable service to senior Americans who want to sell their unwanted life insurance policies and are a tremendous alternative asset class for accredited investors seeking to avoid the volatility of the stock market. We provide a win-win transaction for everyone involved and, when put to the test, the jury could see the SEC’s allegations were not true.”
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements.” Since its incorporation in 1991, Life Partners has completed over 150,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value.
LPHI-G
Contacts
LPHI
Shareholder Relations
Andrea Atwell, 254-751-7797
info@lifepartnersinc.com
www.lphi.com
http://www.businesswire.com/news/home/2014020...08pcvldX30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life Partners Holdings, Inc. Announces Quarterly Dividend
March 04, 2014 09:41 AM Eastern Standard Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI), parent company of Life Partners, Inc., announced that it would pay a quarterly dividend of $0.05 per share to be paid on or about March 18, 2014 for shareholders of record as of March 14, 2014.
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements.” Since its incorporation in 1991, Life Partners has completed over 155,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value.
LPHI-D
Contacts
Life Partners Holdings, Inc.
Andrea Atwell, 254-751-7797
Shareholder Relations
info@LPHI.com
www.lphi.com
http://www.businesswire.com/news/home/2014030...08pm_ldX30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life Partners Cleared of All Fraud Claims
March 13, 2014 11:05 AM Eastern Daylight Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that an Austin Federal court has ruled that the Securities and Exchange Commission failed to prove any of its fraud claims against Life Partners and its CEO, Brian Pardo, and General Counsel, Scott Peden. The ruling followed a jury finding in February that neither Life Partners, Mr. Pardo nor Mr. Peden committed securities fraud under Rule 10b-5 and that Mr. Pardo and Mr. Peden did not engage in insider trading.
In the earlier ruling, the jury had found in favor of the SEC’s fraud claim under Section 17(a) relating to the company’s revenue recognition policies. That claim, which a government attorney characterized as "a lead” claim in the case, was challenged by Life Partners on the basis that it was not supported by any evidence. The United States District Court for the Western District of Texas, Austin Division agreed with Life Partners that there was no evidence to support the revenue recognition claims for the period of time in question and ordered that judgment be entered in favor of Life Partners, Mr. Pardo and Mr. Peden on that issue. As a result of this ruling, the Company, Mr. Pardo and Mr. Peden have been completely exonerated from any allegations of fraud alleged by the SEC.
The Court let stand the jury’s findings against Life Partners relating to bookkeeping, reporting and certification by the CEO on the company's financial statements, none of which involve fraud or knowingly or recklessly misleading shareholders.
Life Partners’ CEO, Brian Pardo, said, “We are very pleased with both the jury verdict and this ruling. This experience should remind all of us that it takes more than accusations, claims and innuendo to win in court. It takes evidence. Now that we have moved past these accusations of fraud, we can move forward as a company bringing value to both senior Americans and our shareholders. Life settlements, as transacted through Life Partners, provide a valuable service to senior Americans who want to sell their unwanted life insurance policies and are a tremendous alternative asset class for accredited investors seeking to avoid the volatility of the stock market and enjoy the potential for superior returns on investment.”
The case is SEC v. Life Partners Holdings, Inc. et al., Civil Action No. 1-12-C V-33-JRN in the United States District Court for the Western District of Texas, Austin Division.
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements”. Since its incorporation in 1991, Life Partners has completed over 155,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value.
LPHI-G
Contacts
Life Partners Holdings, Inc.
Andrea Atwell, 254-751-7797
Shareholder Relations
info@lifepartnersinc.com
www.lphi.com
http://www.businesswire.com/news/home/2014031...08p1_ldX30
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Life Partners Sues Charles Schwab Subsidiary for Counterfeiting
April 15, 2014 03:40 PM Eastern Daylight Time
WACO, Texas--(BUSINESS WIRE)--Life Partners Holdings, Inc. (Nasdaq GS: LPHI) announced today that it has filed suit against optionsXpress, Inc., a subsidiary of The Charles Schwab Corporation (NYSE: SCHW), the company’s Chief Financial Officer, and one of the company’s largest customers for issuing and selling counterfeit shares of Life Partners Holdings stock.
The lawsuit, filed in Illinois by California attorney Gary Aguirre, whose practice focuses on market manipulation, asks the Court for an order preventing the Schwab subsidiary from creating and selling shares of Life Partners Holdings’ stock which were not authorized by the company. The action also asks the Court for protection from securities fraud, deceptive business practices and civil conspiracy arising from the unlawful issuance of the counterfeit shares.
Under the law of Illinois, Texas, and every other state, a company has the exclusive right to issue and sell its own stock. The creation and sale of counterfeit or “phantom” stock by brokers and their customers violates these laws.
The lawsuit is based on findings in an administrative proceeding by the U.S. Securities and Exchange Commission against optionsXpress and the other defendants which concluded that optionsXpress, its chief financial officer, and one of its biggest customers committed securities fraud by engaging in the sales of hundreds of millions of dollars in counterfeit-phantom stock passed off as the genuine stock of 25 public companies, including almost $5.5 million of counterfeit-phantom stock of Life Partners Holdings, Inc.
Life Partners Holdings CEO Brian Pardo commented, “This case isn’t about money. It’s about confidence in the market. It’s about making sure that, in the future, shareholders can be sure that they are purchasing legitimate, authorized stock. Individual investors need to know that the stock they are buying is real and not phantom stock cooked up by Wall Street insiders. Without a stock certificate, we’ve seen how easy it is for Wall Street to pass off counterfeit stock in your account as legitimate and we want to put a stop to it.”
The company is continuing to investigate other persons and entities who may have engaged in counterfeiting shares of Life Partners Holdings, Inc.
The lawsuit is entitled Life Partners Holdings, Inc. et al. v. optionsXpress, Inc., Jonathan I. Feldman and Thomas E. Stern, Case No. 14CH6428, Circuit Court of Cook County, Illinois, County Department, Chancery Division. A complete copy of the complaint is available at: http://www.lphi.com/doc/Release_20140415.pdf
The SEC decision, In the Matter of optionsXpress, Inc., et al. is available on the SEC website at http://www.sec.gov/alj/aljdec/2013/id490bpm.pdf.
Life Partners is the world’s oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements”. Since its incorporation in 1991, Life Partners has completed over 156,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling approximately $3.2 billion in face value.
Visit our website at: www.lphi.com.
Safe Harbor - This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The statements in this news release that are not historical statements, including statements regarding the basis, outcome or duration of the legal proceeding, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see our most recent Form 10-K. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
LPHI-G
Contacts
Life Partners Holdings, Inc.
Shareholder Relations
Andrea Atwell, 254-751-7797
info@lifepartnersinc.com
http://www.businesswire.com/news/home/2014041...08p-PldX30
(0)
(0)Scroll down for more posts ▼