Viatical & Life Settlements
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Oval Financial & Investment Group

San Diego, California-based Oval Financial & Investment Group Ltd., which never held a viatical license but somehow acquired viaticated life insurance policies that it advertised to investors, was served with an investigative subpoena by the Securities and Exchange Commission.

The subpoena was granted by the U.S. District Court for the Southern District of California. The SEC filed its application for enforcement of the subpoena on January17, 2002. The subpoena sought documents and testimony relating to possible fraudulent and unregistered offers and sales of securities, materially false and misleading statements, and failure to state material facts concerning the use of investor proceeds and the rate of return of the investments.

Although SEC's litigation release does not specify "viatical," we have information that reveals the company has been involved in viatical sales for several years.

The subpoena was served on Oval's representative, O. John Valentine.

Oval didn't comply with the subpoena which sought documents and testimony related to possible fraudulent and unregistered offers and sales of securities. Although SEC's litigation release does not specify "viatical," we have information that reveals the company has been involved in viatical sales for several years.

At this writing a hearing date had not been set.