Abidog v. New York Life Insurance Co. was filed in the Superior Court of the State of California on June 18, 2021, seeking damages and rescission of unregistered promissory notes sold in a Ponzi scheme that deprived elderly and other unwitting investors of their life savings. The fifteen-count complaint alleges violations of California statutory and common law, as well as federal securities law.
Defendant Felix Chu is a former agent of Defendants New York Life Insurance Company and NYLIFE Securities LLC (collectively, “New York Life”) who used his role at New York Life to perpetrate the Ponzi scheme. Plaintiffs are investors in the scheme.
Continue Reading New Complaint – Abidog v. New York Life Insurance Co.