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SEC, Life Settlements Company Settle Claims Over Ponzi-Style Scheme

The Securities and Exchange Commission this month¬†announced that it had reached a settlement with Verto Capital Management and one of its officers over charges that the company “used new investor money to repay earlier investors in Ponzi-like fashion and tapped investor funds for the CEO’s personal use”, according to a press release from the SEC.

Said the SEC: “Verto Capital Management and William Schantz III raised approximately $12.5 million selling promissory notes to purportedly fund Verto Capital’s purchase and sale of life settlements, which are life insurance policies sold in the secondary market.”

The SEC’s statement is available here.