Defendant Name:
Life Partners Holdings, Inc.
Defendant Type:
Public Company
SIC Code:
6411
CUSIP:
53215T10
Initial Case Details
Legal Case Name
SEC v. Life Partners Holdings, Inc., Brian D. Pardo, R. Scott Peden and David M. Martin
First Document Date
03-Jan-2012
Initial Filing Format
Civil Proceeding
Case Number
12-cv-00033
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
Texas, Western District of Texas
Violations Alleged
•
Sec 17(a) (Not specified)
Additionally,
Brian D. Pardo is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
R. Scott Peden is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
David M. Martin is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Brian D. Pardo is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 12b-20 of the Exchange Act.
R. Scott Peden is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 12b-20 of the Exchange Act.
David M. Martin is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Brian D. Pardo is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 13(a) of the Exchange Act.
R. Scott Peden is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 13(a) of the Exchange Act.
David M. Martin is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 13(a) of the Exchange Act.
Brian D. Pardo is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 13a-1 of the Exchange Act.
R. Scott Peden is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 13a-1 of the Exchange Act.
David M. Martin is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Brian D. Pardo is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 13a-13 of the Exchange Act.
R. Scott Peden is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 13a-13 of the Exchange Act.
David M. Martin is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Brian D. Pardo is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
R. Scott Peden is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
David M. Martin is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Brian D. Pardo is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
David M. Martin is alleged to have aided and abetted Life Partners Holdings, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Resolutions
First Resolution Date
02-Dec-2014
Related Documents:
Complaint
On January 3, 2012, the SEC filed a civil complaint against Life Partners Holdings, Inc. and three senior executives for their involvement in a fraudulent disclosure accounting scheme. According to the complaint, the parties failed to disclose that the company was systematically and materially underestimating the life expectancy estimates it used to price transactions. As a result of this, the SEC alleges, "Defendants materially misstated net income from at least financial year 2007 though the third quarter of fiscal year 2011."
2012-2
03-Jan-2012
Press Release--Civil Action
SEC Charges Life Settlements Firm and Three Executives with Disclosure and Accounting Fraud; CEO and General Counsel Additionally Charged With Insider Trading
On January 3, 2012, the SEC announced that it charged Life Partners Holdings Inc and three of its executives for their involvement in a fraudulent disclosure and accounting scheme involving life settlements. According to the complaint, the defendants used improper accounting "to overvalue assets held in the company's books and create the appearance of a steady stream of earnings from brokering life settlement transactions."
Litigation Release
On January 4, 2012, the SEC issued a litigation release announcing that it charged Life Partners Holdings, Inc. and three of its senior executives for "their involvement in a fraudulent disclosure and accounting scheme involving life settlements."
Final Judgment Order
On December 2, 2014, Judge James R. Nowlin entered a Final Judgment Order as to defendant Life Partners Holdings, Inc., Brian Pardo, and R. Scott Peden. Previously, a jury had returned a verdict against the defendants.
Final Judgment
On January 16, 2015, Federal District Judge James R. Nowlin entered final judgment against Life Partners Holdings, Inc. pursuant to Federal Rule of Civil Procedure 58.
Other Defendants in Action:
