The Palm Beach Post has reported that Imperial Holdings will not be facing criminal charges in connection with its business practices. Instead, the company will pay an $8 million fine. In connection with the resolution of the criminal probe, the company stated: “The company facilitated and/or made misrepresentations regarding premium financing on life insurance applications for elderly individuals and failed to take appropriate precautions to prevent other misrepresentations that may have been made on life insurance applications by employees, prospective insureds and external agents and brokers.”
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