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Viatical Industry Reeling From Fraud And Theft
Viaticals - from the Latin word viaticum, meaning a payment to a Roman official embarking on a journey - arose as a legitimate way for AIDs patients to sell their life insurance policies at a discount to obtain needed cash for medicine and care in their final days.
Today, the industry is better known for its con artists. The North American Securities Administrators Association has listed viaticals among their Top 10 frauds in the nation.
Although transitional, the private note function is expected to be around for a considerable time.
Source: Investment News, October 16, 2000
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
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P.C.(www.snsfe-law.com). This Web site contains material
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Always consult an attorney and/or investment advisor when building and protecting your wealth.
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