$1.5M
Indexed Universal Life Insurance Retirement Loss / Investment Fraud
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Case Details
Idaho state court jury ordered Pacific Life Insurance Company and an insurance agent to pay a retiree for economic losses suffered relating to a failed retirement strategy involving a Pacific Life Indexed Universal Life (IUL) policy, where the funding mechanism was a Ponzi scheme (Future Income Payments, LLC). Pacific Life ignored its own guidelines and procedures.
Additional Notes
Attorney Robert G. Rikard represented the client, Karen Shelstad. The jury found Mr. Hill was negligent and acting as Pacific Life’s agent. Pacific Life failed to offer Ms. Shelstad a penny before the verdict.