Life Partners Holdings names CFO

Mon Aug 27, 2012 5:22pm EDT

Aug 28 (Reuters) - Life Partners Holdings Inc, which has been accused of accounting fraud by the U.S. Securities and Exchange Commission, named Scott Dubs as its chief financial officer replacing Dave Martin, who resigned last month.

Martin, Life Partners chief executive Brian Pardo and general counsel Scott Peden have been charged with misleading shareholders by failing to disclose risk to the company's business.

A district judge last week refused to grant Texas sate officials the right to block the company from doing business or appointing a receiver.

Dubs, 58, has worked in the financial services industry for 36 years, including 12 years as an auditor with Price Waterhouse Coopers, Life Partners said.

Life Settlement companies such as Life Partners buy insurance policies from people for a fraction of their value and continue to pay premiums, betting they will eventually make a profit when the seller dies.

Shares of the Waco, Texas-based company closed at $1.99 on Monday on the Nasdaq.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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