Federal judge clears Waco company of SEC fraud charge
AUSTIN – A federal judge has wiped out a key part of a jury finding against a Waco company and two of its top executives.
U.S. District Court Judge James Nowlin ruled last week that the U.S. Securities and Exchange Commission had not provided any evidence that Life Partners Holdings; its chief executive officer Brian Pardo; and general counsel R. Scott Peden violated fraud laws in January and February of 2007.
Reuters reported that Nowlin, an appointee of President Ronald Reagan, allowed the jury’s decisions to stand holding the company liable on three other charges involving bookkeeping, reporting and certification by the CEO on the company’s financial statements. The jury on Feb. 3 had cleared Life Partners, Pardo, and Peden on eight other charges.
Life Partners is a publicly-traded “life settlements” company that brokers the sale of life insurance policies to investors. The SEC had accused the company of repeatedly misleading investors by underestimating life expectancy results.
More at http://watchdogblog.dallasnews.com/2014/03/federal-judge-clears-waco-company-of-sec-fraud-charge.html/ .
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