Life-Exchange and European Member Firm, Advanced Life Settlements Management Prevent Industry Abuse
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Life-Exchange, Inc., (Pink Sheets: LFXG) the nation’s leading trading platform for the life settlement industry, announced today that their system has been successful in preventing the first attempted abuse of the electronic life settlement market. Three weeks ago it was discovered that a member broker had attempted to circumvent the exchange and simultaneously defraud their client by falsifying the offer amount. Due to the cooperation of Advanced Life Settlements Management (Advanced LSM), the first European member to join Life-Exchange, and other exchange members the abuse was quickly detected and prevented.
Life-Exchange, CEO and President David Dorr commented “We built many safeguards into our system to detect abuse, and while it is disappointing that we have terminated our first member broker for this infraction, it is equally rewarding to have other exchange members like Advanced LSM who are raising the bar for the caliber of players that will be leading this market forward. We are very pleased with the high ethical standards that Advanced LSM is expressing in our market.”
“I was amazed at how fast Life-Exchange detected and defeated the attempted abuse of
their online marketplace. They saved us from purchasing a policy where the policy owner would have been misled. Furthermore, their system served to protect both the consumer and the investor in a state where regulation does not exist,” commented Titus Van Heur, Managing Director of Advanced Life Settlements Management.
Life-Exchange disclosed that Advanced LSM was instrumental in the investigation. Indeed, at the time of this incident, Advanced LSM was collaborating with Life-Exchange in the development of a universal anti-fraud and anti-money laundering policy that could be adopted by pension funds and banks from the Netherlands and throughout Europe.
About Advanced Life Settlement Management
Advanced Life Settlement Management, B.V. is a Dutch firm specializing in the US
life settlement market. Advanced LSM offers innovative financial services for
institutional clients and intermediaries throughout Europe. Their unique knowledge
and understanding of the life settlement market has, in a relative short period of
time, led to their clear presence and solid reputation in the US life settlement
market. Advanced LSM has experience in all aspects of the industry and they continue
to pioneer developments for the sector.
About Life-Exchange
Life-Exchange, Inc. is the largest and only independent, electronic trading platform
for the life settlement industry. Designed by industry leaders, Life-Exchange
serves the secondary life insurance market by bringing buyers and sellers of life
settlement policies together in a virtual, online marketplace. The features of
Life-Exchange are specifically designed to improve regulatory compliance, increase
customer value, reduce transaction costs, create new revenue models, and add
efficiency to an otherwise inefficient market. Founded in 2004, Life-Exchange is
headquartered in Miami, Florida. For additional information on Life-Exchange, Inc.,
visit www.life-exchange.com or call 866-907-9766.
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