Why You Can't Trust Liberte
In 1998 the Missouri Securities
Division issued cease and desist orders against Liberte, Jamieson, and Capwill (details in
Viatical Settlements: An Investor's
Guide").
Again in 1999 these orders were
issued. The investigation that led to these orders revealed that at least 21 Missouri
residents invested in Liberte viatical contracts, for a total of at least $815,000. Most
of these policies were fraudulent and were cancelled by the insurance companies, when they
discovered the fraud. These investors lost everything.
Liberte agreed to refund the money
-- with interest -- to Missouri investors.
Some of Liberte's refund checks
bounced. Other Missouri investors did not receive the full return of their invested funds.
If Liberte won't keep its word in an
agreement with a government agency, how can any individual investor trust them -- or their
affiliates -- with checks that may or may not be
used to pay premiums?
(The above information is from the state of Missouri, dated
11/24/99).
