Investors took out life insurance on stranger and got millions when she died, suit says [Yahoo! Finance]
Apollo Global Management, Inc. (New) (APO)
Last apollo global management, inc. (new) earnings: 5/1 07:00 am
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Source: Yahoo! Finance
The lawsuit, filed April 26 in Delaware Chancery Court, was filed against Wilmington Savings Fund Society Fsb, Wells Fargo Delaware Trust Company, N.A., Wells Fargo Bank, N.A., Apollo Global Management, Inc., Apollo Asset Management, Inc., Apollo Capital Management, L.P., and Financial Credit Investment I Manager, LLC. According to the complaint, the group of “stranger-originated life insurance (“STOLI”) investors” took out a $5 million life insurance policy on Martha Barotz in 2006. The lawsuit claims the STOLI investors “prey on the lives of senior citizens.” The investors created the STOLI policies to sell them to other investors who would “securitize large portfolios of human life wagering policies,” the lawsuit said. Barotz was retired in her early 70s when she was persuaded into allowing Life Accumulation Trust III (“LATIII”) to take out an insurance policy on her, according to the lawsuit. The complaint said that LATIII procured the policy “through an egregious STOLI sch
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APO
Earnings
- 5/2/24 - Beat
APO
Sec Filings
- 5/20/24 - Form 4
- 5/17/24 - Form 4
- 5/13/24 - Form 4
- APO's page on the SEC website