|By Robert Patrick, St. Louis Post-Dispatch|
|McClatchy-Tribune Information Services|
Staley sought out investors to "provide loans for life insurance policies," prosecutors said. In many cases, money from multiple investors was bundled to buy one life insurance policy. Staley told investors that the bundled life insurance policies would be sold on the open market, prosecutors said, but didn't tell them that if the policies couldn't be sold, investors would lose their money.
In all, Staley convinced 11 people to invest
Staley was indicted
His lawyer did not immediately return a call seeking comment.
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