It appears that the legal saga of National Life Settlements CEO Howard Glenn Judah Jr. and a principal in the company, Gregory F. Jablonski, has finally ended with the two pleading guilty to securities fraud in a Harris County, Texas district court on November 26.
The Houston-based company was shut down in 2009 based on an investigation by the Texas State Securities Board. They were indicted in 2011 on charges that the pair sold $30 million in unregistered investments in life insurance policies that eventually led to their guilty pleas and a sentence of 10 years each. Both men had faced 99 years in prison.
Judah has three previous federal fraud convictions.
The company worked to solicit money from retired Texas state employees and retired teachers. They were successful in doing so and millions of dollars were moved from the state employees' retirement plans and into National Life Settlement investments which promised investors a 10 percent return each year.
