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Agents raid Kelco, Search for mail fraud evidence

LEXINGTON, KY, May 19, 2000 - More than 80 Federal agents raided the offices of Kelco around 7 a.m. Friday morning. Agents representing the U.S. attorney's office, U.S. postal inspector's office, and FBI entered the Kelco Company's Lexington office, looking for records related to possible mail fraud violations.

Kelco is a viatical and life settlements company which buys life insurance policies from terminally ill people and healthy seniors. Their subsidiary, Genesis, is a viatical broker. The company sells viatical investments to the public, primarily through Trade Partners, Inc. Agents also raided the Michigan offices of Trade Partners.

The investigation is part of a national initiative called "Operation Cleansheet."

Similar searches were executed simultaneously at businesses in Michigan, Ohio and Georgia.