April 30 (Reuters) - Viceroy Research revealed a short

position against life insurer Globe Life ( GL ) on Tuesday,

making it the target of a second short-seller attack within a

month.

The short seller said it had conducted an extensive

investigation of the company and its subsidiary American Income

Life (AIL), and concluded that "fraudulent, dishonest, and

misleading sales tactics are core to AIL's operations."

Globe Life ( GL ) did not immediately respond to a Reuters request

for comment. Its shares, which had tumbled 10% before the bell,

were last down 1.5% at $76.90 in early trading.

Viceroy's financial analysis showed structural cash flow

issues, increasing risks of employee misclassification, and

deals with offshore reinsurers to provide Globe Life ( GL ) liquidity

against impaired assets.

Reuters could not independently verify the contents of the

report.

Fuzzy Panda Research also disclosed a short position in

Globe Life ( GL ) earlier this month, alleging multiple instances of

insurance fraud.

Bets against Globe Life ( GL ) have fetched $131.3 million in paper

profits for short sellers this year, according to Ortex. The

data showed profits peaked at $205 million on April 11, the day

Fuzzy Panda published its report.

The report said Fuzzy Panda had uncovered "extensive

allegations of insurance fraud ignored by management despite

being obvious and reported hundreds of times", including

policies written for dead and fictitious people.

Globe Life ( GL ) denied the allegations, saying the "analysis by

Fuzzy Panda Research mischaracterizes facts and uses

unsubstantiated claims and conjecture to present an overall

picture of Globe Life ( GL ) that is deliberately false."

Fuzzy Panda also alleged that third-party policy sellers

known to have committed insurance fraud contributed over 60% of

the new business at Globe Life's ( GL ) AIL unit, which accounted for

nearly half of the total underwriting margins last year.

Short-sellers make money by selling borrowed securities at a

high price and buying back cheaper, thus profiting from the

difference.