Summons Reissued To Investment Firms Whose Owners Defrauded Now-Insolvent Insurers

(April 9, 2024, 1:52 PM EDT) -- RALEIGH, N.C. — A North Carolina federal court reissued a summons to Malta-based investment firms Standard Advisory Services Ltd. and Standard Financial Ltd., which, along with their former directors, are defendants in a $1 billion Racketeer Influenced and Corrupt Organizations Act (RICO) suit accusing them of participating in a scheme to defraud now-insolvent insurers and their policyholders by using policyholder money to purchase non-insurance companies and to divert policyholder money....