03:33 PM EDT, 04/29/2024 (MT Newswires) -- Apollo Global Management ( APO ) y acquired illegal life insurance policies on senior citizens through a web of sham trusts, a lawsuit alleged, Bloomberg reported Monday.

The company allegedly used an affiliate called Financial Credit Investment to hold $20 billion in so-called stranger-originated life insurance policies, Bloomberg reported.

The company carried out "widespread fraudulent human life wagering" through the acquisition of the policies and created "the false appearance" the policies it owned were "legitimate," the complaint alleged, according to Bloomberg.

The suit was filed in Delaware's Chancery Court by the estate of Marth Barotz, Bloomberg reported.

Apollo Global did not immediately respond to a request for comment, Bloomberg reported.

The company didn't respond immediately to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 111.05, Change: -1.17, Percent Change: -1.04