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March 15, 2007 at 07:44 PM
Investors have used a small publicly traded company to acquire Rubicon Financial Insurance Services Inc.
Executives at Rubicon Financial Inc., Irvine, Calif., a company that was known as Rub Investments Ltd. up until September 2006, say they have obtained control over Rubicon Financial Insurance Services Inc., Irvine, Calif., a life insurance agency, by exchanging 50,000 shares of shell company stock for all shares of the insurance agency’s stock.
The life insurance agency sells health insurance, life insurance, credit life insurance, annuities and other products through referral arrangements with lenders, tax advisors and securities brokers.
Todd Torneo, who founded the insurance agency in 2005, has agreed to work for Rubicon Financial Inc. for a base salary of $5,000 per month, according a report that Rubicon Financial Inc. filed with the U.S. Securities and Exchange Commission.
Joseph Mangiapane Jr. is the chief executive of Rubicon Financial Inc., and Timothy McDermott owns 84% of the new parent company’s stock, Rubicon Financial Inc. says.
