Ex-Employees: Shurwest Execs Knew About Dubious IUL Sales
October 19, 2021 by John Hilton
An Arizona independent marketing organization faces additional scrutiny over how much it knew about a fraudulent scheme to pump up indexed universal life sales.
Shurwest filed for Chapter 11 bankruptcy Aug. 31 in a bid to settle scores of lawsuits, all while steadfastly maintaining that company executives knew nothing about a pension fraud scheme adapted to hundreds of IUL sales.
“We had a rogue employee who set up a business we didn’t know anything about,” said Michael McGrath of Mesch Clark Rothschild, a Tuscon, Ariz., law firm handling Shurwest’s bankruptcy filing.
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