Talk show host Larry King has filed a lawsuit against his former insurance brokers, accusing them of conning him out of $15 million in personal life insurance policies. King, who filed the lawsuit in Los Angeles' U.S. District Court on October 22nd, claims he was swindled out of the cash in an elaborate scheme by the Meltzer Group in 2004.

He has also named the head of the company, Alan Meltzer, in the suit, after being convinced to engage in a series of "highly complex life insurance transactions" which resulted in the buying and selling of policies worth a total value of $15 million.

In one instance, King purchased a $10 million policy, which he was instructed to sell immediately for $550,000 profit. The 73-year-old also claims he was told to sell a $5 million policy for just $850,000.

In the legal papers, King accused Meltzer of being driven by "greed" to steer him into deals which were against his financial interests, without considering the "likelihood of his future uninsurablility". He also claims the deals were organized to benefit Meltzer financially through commissions and bonuses.

King - who has not specified monetary damages - is suing Meltzer and his company for breach of fiduciary duty, reports website TheSmokingGun.com.


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(This news article provided by World Entertainment News Network)