CEDAR RAPIDS, Iowa (IOWA CAPITAL DISPATCH) – A lawsuit has been filed against a Cedar Rapids company over an alleged scheme that involves investors betting on an elderly woman’s life expectancy by taking out a life insurance policy on her.
The lawsuit involves the late Evelyn Zeman of Michigan and a Cedar Rapids company called ULI Funding. According to Zeman’s estate, a group of individuals who had no ties to Zeman took out a life insurance policy on her in 2006 when she was 79 years old.
The lawsuit claims Zeman had no need for the policy and bore no financial risk as these strangers paid the premiums on the policy, expecting to collect a profit either by receiving the policy’s proceeds when she died or by selling the policy to yet another group of investors who also were strangers to Zeman…