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Regulators Crack Down on Stranger-Originated Life Insurance (STOLI)

Between 2004 and 2008, brokers and insurance agents across the country sold billions of dollars worth of Stranger-Originated Life Insurance (STOLI) policies to senior citizens with the intention of reselling the policies to investors, according to a June 21 Wall Street Journal article. These policies, while legal in many states, are coming under increasing scrutiny by regulators. Recently, brokers and insurance agents in Florida, Ohio, Minnesota and California have lost their licenses or been arrested for misrepresentations and fraud associated with the controversial investment products.

The sales agents pushed the policies on retirees, who were promised money once the policies were resold, and then falsified the individuals' net worth in order to secure larger policies. The policies were then resold to investors, who would pay the premiums on the premise that they would receive the insured amount upon the original owner's death.

In April, Steven Brasner, a sales agent specializing in STOLI policies, was arrested by Florida authorities on 22 counts of alleged grand theft, fraud and other offenses related to $78 million in STOLI policies. Regulators, however, aren't the only ones upset about STOLIs. Across the country, both insurers and investors are filing civil lawsuits for damages suffered due to broker fraud and misconduct. Brasner, in addition to facing criminal charges, has been sued by both insurers and investors who allege they lost money on the now worthless STOLI investments.

Need More Information?

Investment misconduct can be complex and confusing. That’s why we’re here to help you. Visit our Common Questions page to find in depth answers directly from our attorneys. Get More Answers
Have You Been a Victim of Investment Fraud?

You trusted your financial advisor with your money, but now you're left wondering what went wrong. If you or a loved one suffered losses because of investment misconduct, Meyer Wilson can step in and fight to recover your losses. The team of investment fraud lawyers at the firm has been helping people like you since 1999 by winning judgments, settlements and verdicts worth hundreds of millions of dollars against brokerage firms, financial advisors and banks.

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