Securities and Exchange Commission v. Life Partners, Inc.
United States Court of Appeals for the District of Columbia Circuit
87 F.3d 536 (1996)
Relevant factsFree
Life Partners (defendant) pooled investor funds to purchase interests in terminally ill individuals' life insurance policies, paying out upon the insured's death, but had essentially no involvement after the initial pooling and matching; the SEC (plaintiff) sued, arguing viatical settlements were unregistered securities, and the district court ruled for the SEC.
IssueFree
Whether evidence of pre-purchase services is sufficient to prove that an investment's profits result from the efforts of others.
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