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Imperial Holdings exec takes leave as feds continue probe

By Palm Beach Business.com

BOCA RATON — Specialty finance company Imperial Holdings Inc. of Boca Raton said Monday that its president and chief operating officer, who is the target of an FBI investigation, has agreed to take a four-month leave of absence.

Jonathon Neuman, 38, has served as president and COO since the Imperial Holdings’ founding in December 2006. Neuman will continue to serve as a member of the company’s board of directors, the company said.

In a filing made with the Securities and Exchange Commission earlier this month, Imperial disclosed that the U.S. attorney’s office for New Hampshire is investigating the company’s “premium finance business.” The filing also disclosed that Neuman is a target of the federal investigation.

“The allegations that the government is investigating focus on whether the company or employees in the company’s premium finance unit played a role, whether directly or indirectly, in making misrepresentations to life insurance carriers in connection with applications for life insurance policies,” the document states.

Imperial said Neuman is the only member of the company “current” senior management to have been designated a target of the investigation.

FBI agents, assisted by Boca Raton police, raided Imperial Holdings’ Boca Raton headquarter last September, hauling away boxes of documents as evidence.

Imperial buys life insurance policies and structured legal settlements.