Defendant Name: Life Partners Holdings, Inc.

Defendant Type: Public Company
SIC Code: 6411
CUSIP: 53215T10

Document Reference: comp-pr2012-2

Document Details

Legal Case Name SEC v. Life Partners Holdings, Inc., Brian D. Pardo, R. Scott Peden, and David M. Martin
Document Name Complaint
Document Date 03-Jan-2012
Document Format Civil Proceeding
Case Number 12-cv-00033
Federal District Court Texas, Western District of Texas
Allegation Type Issuer Reporting and Disclosure
Document Summary 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."

Related Documents:

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."
LR-22219 04-Jan-2012 Litigation Release
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."
court_doc304_12-cv-00033 02-Dec-2014 Court Docket Document
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.
court_doc352_12-cv-00033 16-Jan-2015 Court Docket Document
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:

Brian D. Pardo
R. Scott Peden
David M. Martin

Related Actions:

In the Matter of David M. Martin CPA
David M. Martin
In the Matter of R. Scott Peden, Esq.
R. Scott Peden
In the Matter of J. Brian Laib, CPA
J. Brian Laib