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Life Partners Holdings, Inc., Friday disclosed that it had received a Wells Notice form the Securities and Exchange Commission, and it names general counsel R. Scott Peden and others. In an 8-K filing with the SEC Friday, the Waco-based company said that the agency’s staff will recommend “that the SEC bring a civil injunctive action against us,” along with Peden, two directors, and the CEO. Peden didn’t immediately return messages seeking comment. The company deals in so-called “life settlements,” buying life insurance policies at a discount to their face value as investments. “We understand that the primary basis for the proposed civil action relates to our knowledge of and disclosures about the accuracy of the estimates of the life expectancies of settlers,” the filing said. The company said it has cooperated with the investigation and has provided information and testimony. A Wells notice is not a formal allegation. The company and the executives will be able to present their side of the case before the SEC decides whether to authorize an enforcement action. “We intend to respond by setting forth our positions and explaining why we believe an enforcement action is not warranted,” the company said. Peden serves as general counsel for the parent holding company and as president of its operating subsidiary, Life Partners, Inc. He served as vice president and general counsel for the subsidiary at its inception in 1991. According to the company’s website, Peden is an often-cited authority on life settlements. “He designed the legal structure of the life settlement transaction that is widely used throughout the industry,” it says.

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