Shurwest owes dozens of creditors many millions of dollars as the independent marketing organization tries to dig out from its ties to a pension scam. An Arizona bankruptcy court is trying to sort out how much the company will pay.
In Arizona, a team of attorneys representing 142 plaintiffs filed a lengthy “statement of facts” in federal bankruptcy court alleging that Shurwest executives were aware of an lucrative IUL sales fraud.
A prolific pension fraud scheme that spread to the insurance industry before being shut down by federal investigators has led to dozens of lawsuits and Chapter 11 bankruptcy for an Arizona IMO.