Lawsuit Alleges Fraud by Viatical Company

Lawsuit Alleges Fraud by Viatical Company

A recent published report says that a viatical company has been sued for misrepresenting the life expectancy information.

Said the report:

A jazz musician who invested $20,000 in two viatical policies 18 years ago with Legacy Capital Corp. has sued, claiming a non-board certified physician dying of AIDS had backdated a life expectancy report.

The story, appearing under the headline Musician Sues Legacy Capital Over $20K Viatical Investment, Alleging Fraud, explains that musician Christopher Amberger filed a lawsuit this month in the U.S. District Court in California, alleging fraud, breach of fiduciary duty and violation of consumer legal remedies and securities laws, and that he alleged that “[t]he fraud of Legacy Capital Corporation was intentional” and “relied upon a business model to suck in small investors, rake off money for themselves, and let their victims fret about whether a viator is living or dead, without providing any meaningful information for the investors to make a reasoned decision on whether or not to continue putting good money after bad . . . .”

 

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