An entrepreneur in North Carolina spent the last five years acquiring life insurers throughout the United States, then allegedly invested as much as 50% of their assets on ‘personal enterprises’ to the tune of $2 billion – which he then used to buy luxuries such as a Gulfstream jet, vacation homes, and even a 214-foot yacht christened the ‘Double Down.’
However, the good times may be coming to an end now that regulators are looking to close the loopholes he allegedly exploited.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.