In a lawsuit filed in U.S. District Court In Los Angeles, the 73-year-old television star alleges that he was targeted in a 2004 scheme hatched by the Maryland-based Meltzer Group. In his October 22 complaint, a copy of which you'll find below, King charges that the insurance company convinced him to engage in a series of "highly complex life insurance transactions" that resulted in the CNN host's purchase and flipping of insurance policies with an aggregate value of $15 million. In one instance cited in the lawsuit, King purchased a $10 million policy and, at Meltzer's direction, immediately sold it for a $550,000 profit. King also sold his interest in an older $5 million policy for $850,000. The newsman alleges that Meltzer, driven by "greed and avarice," steered him into deals that were against his financial interests, and that the insurance broker never considered his financial condition, health, and the "likelihood of his future uninsurability."
Larry King Rooked In Life Insurance Scam? - November 2, 2007
Larry King Rooked In Life Insurance Scam? - November 2, 2007
