Apollo Accused in Lawsuit of Illegal Human Life Wagering Scheme

May 6, 2024 by Mike Leonard

(Bloomberg Law) — Apollo Global Management Inc. bet on the longevity of senior citizens by acquiring illegal life insurance policies and funneling the payouts through shell entities, according to a new lawsuit.

The private giant allegedly set up a web of sham trusts—using a secretive affiliate called Financial Credit Investment—to hold a portfolio of stranger-originated life insurance policies worth roughly $20 billion. Taking out life insurance on a stranger is “anathema to hundreds of years of public policy” and a violation of the Delaware Constitution, the suit says.

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Originally Posted at BNN Bloomberg on April 29, 2024 by Mike Leonard.