2004
Larry W. Tyler, of Fort Worth, Texas was indicted by a Federal Grand Jury on April 21, 2004, in the U.S. District Court for the Northern District of Texas, Dallas Division. The two-count indictment alleges securities fraud and wire fraud in connection with Tyler's sale of viatical settlement contracts as owner and chief executive officer of Advanced Financial Services, Inc. The indictment alleges that Tyler misrepresented the true nature of the investment causing investors, who were primarily elderly, to believe that they were investing in mutual funds or CDs, that they were receiving a fixed rate of return at no risk with a fixed maturity date, and that their investment was liquid. The indictment also alleges that Tyler failed to disclose that the investment actually involved viatical contracts, which were inherently risky, and that the monthly return received by investors was the return of principal.