In March 2017, we released a research report explaining our opinion why Citizens Inc.'s business model is analogous to a Ponzi Scheme. The company uses a network of brokers to prey on unsophisticated foreign families and retirees with false promises of illusory “guaranteed returns” from insurance policies purportedly secured by U.S. Treasury bonds. But the money from policyholders is funneled in… Read More
IMPORTANT – Please read this Disclaimer in its entirety before continuing to read our research opinion. The information set forth in this report does not constitute a recommendation to buy or sell any security. This report represents the opinion of the author as of the date of this report. This report contains certain “forward-looking statements,” which may be identified by the use of such words… Read More
Note: A video presentation can be found here. A Chinese version of the report can be found here. IMPORTANT - Please read this Disclaimer in its entirety before continuing to read our research opinion. The information set forth in this report does not constitute a recommendation to buy or sell any security. This report represents the opinion of the author as of the date of this report. This… Read More
Para leer el informe en espanol haga clic aquí (Citizens y CICA Life: Una Estratagia de Acciones Atroz) Research Summary Citizens Inc. (NYSE:CIA) uses a network of unregulated brokers to sell complex life insurance policies to foreign retail investors and retirees. The policies are sold through promises of outsized “guaranteed” returns backed by U.S. Treasury bonds. However, the money is not… Read More