Managers and the Legal Environment 7th Edition by David Madsen, Constance Bagley

Exercise 11

Life Partners, Inc. is the leading promoter of interests in viatical settlements, whereby investors purchase at a discount interests in a pool consisting of life insurance benefits of terminal AIDS patients. Is Life Partners engaged in the sale of securities? [SEC v. Life Partners, Inc., 102 F.3d 587 (D.C. Cir. 1996).]