Five individuals who controlled and played key roles in a life settlement company were indicted Feb. 26 in Collin County for securities fraud, theft, money laundering, and engaging in organizing criminal activity.
According to the indictments, Richard H. Gray and Wendy L. Rogers committed fraud in organizing and operating a $77 million securities investment program in which their company, Retirement Value LLC of New Braunfels, acquired life insurance policies from third parties and sold interests in the proceeds to investors.
In such transactions, the investor receives a return when the policyholder dies.
Indictments are also pending against Ronald L. James and his son Donald James, who are alleged to have acquired and sold life insurance policies to Retirement Value. Michael C. McDermott, a sales agent for the Retirement Value program, was also indicted.