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Deloitte sues hedge fund manager Jeremy Leach over life settlements fund liquidation

Thursday, August 08, 2019

Bailey McCann, Opalesque New York:

Deloitte & Touche is suing hedge fund manager Jeremy Leach, associate William McClintock, and several other entities for $17.8 million in damages over allegedly fraudulent fees and other transactions related to Leach's Traded Life Policies Fund. Deloitte was tasked with managing the voluntary liquidation of the fund in 2017. The case is before the Grand Court of the Cayman Islands.

News of the lawsuit first was reported by OffshoreAlert.

This isn't the first time Leach has been in the news for failed life settlement funds. Leach was previously involved with Shepards Select, a life settlements investment firm that collapsed after its sole broker of insurance policies was suspended by regulators in 2004. PricewaterhouseCoopers, the accounting firm tasked with liquidating Shepards Select, sought to sue former Shepherds directors Mike Abraham and Jeremy Leach in 2009, for breaching their duty to investors. At the time, PwC wanted to clawback commissions paid out by the defunct broker Mutual Benefits Corporation (MBC), according to Citywire Selector.

MBC founder Peter Lombardi was sentenced to 20 years in pris......................

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