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October 04, 2011 at 11:57 AM
Federal scrutiny landed on Boca Raton, Fla. last week, where, on September 27th, a team of FBI agents began investigating the offices of Imperial Holdings, Inc., a lending group that makes loans almost exclusively to the elderly. These loans allow clients to pay six-figure premiums to maintain life insurance policies that offer millions of dollars of coverage. The policy itself is used as collateral on the loan.
The purpose for the federal raid is not yet clear, but it seems likely that this may become another legal battleground for the life insurance industry.
