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August 12, 2002 at 08:00 PM
NU Online News Service, Aug. 12, 6:35 p.m. – The Florida Department of Insurance says a judge in a St. Augustine, Fla., state court has issued an order placing Future First Financial Group Inc., Ponte Vedra Beach, Fla., a viatical settlement provider, into conservatorship.
The firm has purchased the right to collect $300 million in death benefits from 9,500 consumers, the Florida department says.
The Florida department revoked the company’s license to operate in May.
The state court judge, Judge J. Michael Traynor, has appointed David Levine, a Miami lawyer, to act as the independent conservator for Future First and assume control of the company’s trust, The Fidelity Trust, the Florida department says.
Levine is supposed to present a preliminary report to the court on Future First’s assets and policies within 30 days.
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