How much money will Barry Kaye donate to Florida Atlantic University?
Insurance mogul Barry Kaye, who has told Florida Atlantic University he will not fulfill his $16 million pledge to the school, is now facing a federal lawsuit in relation to his once mega-profitable life settlement business. The lawsuit, filed Tuesday in Ohio, claims that Kaye’s Boca Raton firm persuaded an 81-year-old man to purchase a $5 million life insurance policy in 2006 with promises that he later could sell the policy to an investor for a large profit. After paying more than $322,000 in premiums over two years, plaintiff Louis Levin said his policy was no longer marketable and he was told that a buyer could not be found. During this time, Levin alleges, Kaye received a commission on the policy sold to him. Kaye’s son Howard Kaye also is named as a defendant in the lawsuit. “Even while Levin was making premium payments on his insurance policy, Kaye never advised him that the market for the sale and purchase by third parties of Levin’s life insurance policy had evaporated,” state
