Former Life Insurance Agent Sentenced For STOLI Scheme
|Targeted News Service|
According to investigators from the Valencia Investigations Office, in 2010 CDI received information from an insurer indicating that Strauss was selling stranger owned life insurance (STOLI). STOLI schemes involve investors soliciting the original purchase of the insurance for the sole purpose of an eventual sale to the policyholder which usually occurs two years after the policy is first taken out.
While operating out of his office in
STOLI schemes have been outlawed in
Strauss agreed to a stipulation that he will not be involved in the business of insurance as an agent or broker or in any fiduciary capacity within the insurance business. Strauss has not been licensed to sell insurance since October of 2010.
This case was prosecuted by the
TNS 23SQ 120623-JF78-3921996 StaffFurigay
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