Albert Eyal and Josette Eyal have filed a lawsuit against ARI Financial Group, Inc. and its founder Arik Bouskila, also known as Eric Bouskila, alleging fraudulent practices related to life insurance premium financing strategies. The complaint was filed on October 31, 2024, in the Circuit Civil Court for the Fifteenth Judicial Circuit in Palm Beach County, Florida.
The plaintiffs, Albert Eyal and Josette Eyal, acting as trustees of various family trusts, claim that they were misled by the defendants into surrendering an existing insurance policy to purchase new policies using a complex financing strategy. This strategy was purportedly designed for high-net-worth individuals but allegedly concealed significant risks and potential financial losses. According to the Eyals, Mr. Bouskila failed to disclose critical information about interest rate risks and collateral requirements associated with the life insurance premium financing strategy he recommended.
The Eyals assert that they relied on Mr. Bouskila's advice due to his representation as a specialist in this field. They allege that he made false statements and omitted material facts about the potential decline in value of the policies and other financial risks involved. As a result of following his advice, they suffered substantial financial losses when they had to sell securities at a loss to cover collateral shortfalls and eventually surrendered their policies at a significant loss.
The plaintiffs are seeking approximately $1 million in compensatory damages for fraud, breach of fiduciary duty, constructive fraud, and negligence. They also demand disgorgement of any commissions or remuneration received by Mr. Bouskila from these transactions. The lawsuit highlights allegations of misleading half-truths and omissions that induced them into entering financially detrimental agreements.
Represented by attorneys Gary S. Menzer, Jonathan C. Schwartz, and Michael Hill from Menzer & Hill P.A., the plaintiffs have demanded a jury trial to resolve these issues. The Case Number is: 502024CA010405XXXAMB Div: AA.