President and COO of Imperial Holdings, Jonathan Neuman, will take a 4 month leave of absence starting January 27, 2012, a company spokesperson said.
The Boca Raton based company had their offices raided in September by Federal authorities due to an investigation by the US Attorney’s office in New Hampshire. The South Florida Business Journal has also reported that Neuman was the only company official targeted by Federal investigators.
Previously, Imperial Holdings announced that the investigation was into its life settlement business not its structured settlement business. Imperial has denied any wrongdoings and no other company officials are being targeted in the probe.
Numerous shareholder class action securities fraud lawsuits have been filed against the company and their shares closed at $2.37. Antony Mitchell, CEO and Chairman of the Board will resume Neuman’s duties.