Larry King caught in $15M insurance scam

[mickeyd]

Larry King Rooked In Life Insurance Scam? - November 2, 2007

[samclem]

Wow, who would have thought that the "life settlement" industry had shady characters in it. The ones we've had visit us here have been so friendly and helpful to their clients. (ugh).

[twaddle]

It's a mystery to me how anybody could get a new insurance policy, immediately flip it for $500K, and then claim they were ripped off.

Are insurance companies stupid? Why would they misprice the premiums on a new policy such that it had an immediate market value of $500K+ if sold?

[chinaco]

Why do you think King is filing suit? Or put it like this... His estate lost money... his wife and family. Plus, we do not see an accounting analysis of the transactions. He may have lost money immediately. A $15mm policy would cost a chunk of change! Obviously, if there was some money to get at the end, they would pay him a little up-front.

If you are sitting at the poke table wondering why all those eager fools sat down to play and lose their money... chances are you are the mark.

While it is a little different scenario. Think of it like those no money down scenarios where the person is holding a fist full of credit cards and claims he bought a house and received $50k in cash at the closing. But he still owes 50 banks $10k each at 21% interest. ...I made $50 Grand

[tryan]

The most offensive statement is refering to King as a "newsman" .

[mickeyd]

It occurs to me that LK should have ERd years ago. His time would be better spent reading this forum's posts than trying to wrangle a few $100,000. I wonder how many other similar "opportunities" LK has "invested" in over the years that lost him a bunch?

Again, he should have kicked back and turned in his notice to CNN years ago so he could become a more informed investor by checking in here on a regular basis.