Imperial Holdings, a specialty firm that lends money to individuals to buy multimillion-dollar life insurance policies, is being probed by inspectors with the federal government’s Troubled Asset Relief Program.

Imperial’s headquarters in Boca Raton, Fla., were raided by agents with the FBI and the Office of the Special Inspector General for TARP last week, though the inspector general’s interest remains unclear.

Imperial, a five-year-old company that went public in February, didn’t take money from the TARP program, but it has connections with at least two TARP recipients: AIG and Lincoln National.The company’s practices have also been the subject of several civil lawsuits, with insurers and at least one borrower accusing it of engaging in unlawful STOLI transactions.

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