Globe Life accused of rampant insurance fraud by short-seller report

April 16, 2024 by John Hilton

Globe Life is reeling after a report Thursday accused brokers at subsidiary American Income Life of widespread insurance fraud, including writing policies for dead and fictitious people, and an alleged kickback scheme that netted millions for senior executives.

Shares of Globe Life dropped more than 50%, following the report from Fuzzy Panda Research, which took a short position on the company. Globe Life denied the allegations, and the stock recovered some of its losses Friday morning.

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Originally Posted at InsuranceNewsNet on April 15, 2024 by John Hilton.