Published On: Fri, Sep 30th, 2011

Boca financial firm raided by FBI; Stock Exchange halts trading

BOCA RATON — Imperial Holding Inc.’s office in Boca Raton was
closed last week after FBI agents raided the building at 701 Park of
Commerce Blvd.

A statement from the company said shares dropped as much as 75
percent the day the Feds raided the offices of the firm which makes
lump-sum payments to buy life insurance policies and structured legal
settlements.

Soon afterward, the New York Stock Exchange halted trading in the
firm’s shares.

According to Reuters, the offices are located inside a building set in
the landscaped grounds of a spacious office park, accessed by tree-
lined roads. An outside sign marks the presence of “Imperial,” while
a smaller sign on a door leading into the building reads “Imperial
Holdings.”

Asked about the FBI raid, some of the building’s occupants declined
to answer questions.

In its statement issued late Tuesday, Sept. 27, Imperial said the raid
was apparently related to its life insurance business. Life settlement
companies such as Imperial buy insurance policies from people for a
fraction of their value and then collect in full when the person dies.

The Boca Raton Police Department, which took part in the operation,
said it arrived at Imperial’s offices shortly after 9 a.m. Sept. 27. The
FBI office in Miami referred questions on the timing of the raid to the
U.S. Attorney’s Office in New Hampshire, which apparently issued
the search warrant for the raid.

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