Ankura Consulting Sued by GWG Trustee Over ‘Bogus’ Valuations

Ankura Consulting Group LLC was sued by a trustee for life insurance bond seller GWG Holdings Inc. for allegedly helping facilitate a multi-billion dollar accounting fraud on behalf of a company controlled by GWG’s former chairman.

A former Ankura managing director provided inflated valuations that allowed Beneficient Co. to report billions of dollars in “bogus” intangible assets, which allowed GWG to invest hundreds of millions of dollars into nearly worthless securities, according to a complaint filed by a GWG litigation trustee Tuesday in the US Bankruptcy Court for the Southern District of Texas.

Ankura’s reports were built on unrealistic financial ...