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S.E.C. v. LIFE PARTNERS, INC.

Nos. 95-5364, 96-5018 and 96-5090.

87 F.3d 536 (1996)

SECURITIES AND EXCHANGE COMMISSION, Appellee, v. LIFE PARTNERS, INCORPORATED and Brian D. Pardo, Appellants.

United States Court of Appeals, District of Columbia Circuit.

Decided July 5, 1996.

Attorney(s) appearing for the Case

Thomas W. Kirby, Washington, DC, argued the cause for appellants, with whom Ida W. Draim was on the briefs.

Eric Summergrad, Assistant General Counsel, Securities & Exchange Commission, Washington, DC, argued the cause for appellee, with whom Richard H. Walker, General Counsel, Paul Gonson, Solicitor, and Ross A. Albert, Special Counsel, Washington, DC, were on the brief. Jacob H. Stillman, Associate General Counsel, Washington, DC, entered an appearance.

Before: WALD, GINSBURG and HENDERSON, Circuit Judges.

Opinion for the Court filed by Circuit Judge GINSBURG.

Dissenting Opinion filed by Circuit Judge WALD.

GINSBURG, Circuit Judge:

A viatical settlement is an investment contract pursuant to which an investor acquires an interest in the life insurance policy of a terminally ill person — typically an AIDS victim — at a discount of 20 to 40 percent, depending upon the insured's life expectancy. When the insured dies, the investor receives...

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