Life Partners, a life insurance settlement broker, announced 31 August that it had dismissed chief financial officer (CFO) Scott Dubs just 10 days after hiring him, according to a federal securities filing. The Waco-based company, which has been accused of accounting fraud by the Securities and Exchange Commission (SEC), did not specify the reason for the termination in its filing with the SEC.
Dubs had replaced CFO David Martin who, along with the company’s chief executive officer (CEO) Brian Pardo and general counsel Scott Peden, has been charged with misleading shareholders by failing to disclose risk to the company’s business.
When Dubs’ appointment was announced earlier last month, Life Partners said that he has worked in the financial services industry for 36 years, including 12 years as an auditor with Price Waterhouse Coopers (PwC).
Life Partners is also being sued by the Texas Attorney General. The suit seeks a temporary restraining order preventing the company from doing business and the appointment of a receiver based on allegations that Life Partners made misrepresentations in the sale of life settlements in the state.
Life settlement companies such as Life Partners buy insurance policies from individuals for a price below their value and continue to pay premiums on the basis that they will eventually realise a profit when the seller dies.
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