The private equity giant allegedly set up a web of sham trusts to hold a portfolio of stranger-originated life insurance policies worth US$20bil. — Bloomberg
NEW YORK: Apollo Global Management Inc bet on the longevity of senior citizens by acquiring illegal life insurance policies and funnelling the payouts through shell entities, according to a new lawsuit.
The private equity 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 US$20bil.
