SEC civil fines and right to confiscate

[Natsfan]

I was fined $1.7 million by the SEC several years ago in a settlement for something i dientes do, an amount I can never repay in my lifetime.

I wanted to buy life insurance for my kids, but don't want it confiscated by the SEC. What can I do to leave something to my kids safely

 

[adjusterjack]

Basically, a life insurance policy is a contract between you and an insurance company where the insurance company agrees to pay the death benefit directly to the beneficiaries listed on the policy. That would generally be protected from creditors.

However, the federal government has long arms and a lot of power so you would be wise to consult an estate planning attorney and a securities attorney on how best to safeguard your estate.

 

[quincy]

Following is a link to an informative article titled "Imposition and Enforcement of Restitution," by Catherine M. Goodwin, Assistant General Counsel, Administrative Office of the United States Courts, 2000, which explains what is used to determine a defendant's ability to pay.

http://www.ussc.gov/sites/default.files/pdf/training/online-learning-center/supporting-materials/Imposition-and-Enforcement-of-Restitution.pdf

I agree with adjusterjack that you would be smart to consult with an attorney in your area for a personal review.