AEGiS-LT: BRIEFLY: The State Insurance Receiver Is Appointed in Alleged Scam

Important note: Information in this article was accurate in 1997. The state of the art may have changed since the publication date.

BRIEFLY: The State Insurance Receiver Is Appointed in Alleged Scam

Los Angeles Times; Saturday May 10, 1997 Page D-2
Debora Vrana; Times Staff Writer

A Los Angeles County Superior Court judge has appointed a receiver for a Southern California company that allegedly sold more than $80 million in investments backed by illegitimate life insurance policies for the terminally ill. The receiver, Century City attorney Barry A. Fisher, will be responsible for tracking an estimated $50 million already recovered by investigators in the alleged scam. In April, the U.S. attorney's office in New York charged David W. Laing, the owner of Personal Choice Opportunities Inc. in Palm Springs, and three others with conspiracy to commit mail fraud. Lured by promises of 25% returns by Personal Choice, more than 1,000 people invested in the company's viatical settlements. Such settlements allow the terminally ill, typically people with AIDS, to sell their insurance policies at less than face value so they can use the money while they are alive. Investigators allege that there never were any insurance policies. William McDonald, assistant commissioner for the state Department of Corporations, said he hoped most investors would get their money back because officials have already recovered a large portion of the funds.

Keywords: VIATICAL; PEOPLE WITH AIDS
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