The Smoking Gun has the documents related to a lawsuit filed by CNN’s Larry King. King claims that an “unscrupulous insurance brokerage swindled him in connection with his sale of $15 million in personal life insurance policies.” The suit charges that an “insurance company convinced him to engage in a series of ‘highly complex life insurance transactions’ that resulted in the purchase and flipping of insurance policies with an aggregate value of $15 million.”
The Smoking Gun reports two policies are now held by a third party that “specializes in the purchase of life insurance policies owned by the aged and ill, with the firm aiming to profit when the elderly seller dies (which is likely what they had in mind when purchasing the $5 million King policy).”