Month: December 2016
Disaster Strikes in Recent SEC Ruling
Almost a decade ago, disaster struck when Principal Life Insurance Company successfully stole billions of dollars from 401k investors. They illegally sold a part of Principal’s debt ridden commercial real estate loan equity portfolio to one of their separate accounts offered to investors, the Principal U.S. Property Separate Account. During…
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Will Justice Prevail for 401k Investors?
Is there finally justice for thousands of investors? Justice…during a period of several years, beginning in 2006, Principal Life Insurance Company executives fraudulently stole $3.5 billion from hundreds of thousands of 401k investors that had invested in the Principal U.S. Property Separate Account (PUSPSA). President and CEO Larry Zimpleman collaborated…
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$90 Million in Cost Overruns for 401k Investors
Principal Life saddles 401k investors with $90 million in cost overruns… In 2007, Principal Life, for the Principal U.S. Property Separate Account, decided to invest in a Marriott golf course resort construction project in San Antonio, Texas. A serious departure from the norm, especially at the time when most golf…