FBI agents and Boca Raton police closed the offices of finance firm Imperial Holdings today.
At 1 p.m., an empty U-Haul truck was backed up to the entrance of the company’s headquarters at 701 Park of Commerce Blvd., apparently ready to be filled with documents.
Police declined to comment, and company officials couldn’t be reached. One person who spoke to an Imperial Holdings employee said workers were sent home while the FBI executed a search warrant.
It’s unclear what the raid means for shareholders of Imperial Holdings (NYSE: IFT, $6.30). Shares in the Boca Raton-based company have fallen steadily since it went public in February.
Imperial Holdings loans money to policyholders to pay life insurance premiums. It also buys so-called structured settlements, awarded to plaintiffs in lawsuits.
The company reported a loss of $15.7 million in 2010 and also lost money in 2008 and 2009. Imperial Holdings had 131 employees as of Dec. 31.
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