Larry King snookered in life deal

Nov 3, 2007

  1. somarco
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    somarco GA Medicare Expert

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    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
     
    somarco, Nov 3, 2007
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  2. Mr. Bill
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  3. TXINSURANCE
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    I can't imagine Larry is hurting for money - I am curious why he would sell them in the first place.
     
  4. LGilmore
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    LGilmore Guru

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    Re: Larry King "rooked" in life settlement scheme????

    whaaa whaa I found someone greedier than me... whaa whaa

    Mr. King pockets over a million while alive... whaaa

    Selling your upcoming demise as an investment return. Six degrees from Solient Green....
     
  5. LGilmore
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    Larry's complaining because he dealt with somebody greedier than him..


    I guess they put a gun to his head...

    no sympathy at all he wanted the million plus they offered, too bad for him that he didn't ask for more..

    When there are truly people out there that get scamed and are really innocent MR. king has the balls to say he was...

    BS... just BS...
     
  6. TXINSURANCE
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    Its right up there with all of these mortgage home owners complaining their adjustable rate mortgage is too high when the reality is they bought a home they had no business buying.

    Someone making $12/hr should not be buying a $500k home.

    I thought Larry had some heart problems? I would like to know the premiums on those fact amounts...
     
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