As insurtech Vesttoo continues its investigation into the alleged fraudulent letters of credit (LOCs) used as collateral in its transactions, the firm has reiterated its commitment to “working with alternative investors and brokers to ascertain alternative collateral” for its clients.
A statement released by the company says that it is in “active discussions with potential investors” for the purpose of obtaining alternative collateral.
Vesttoo’s “rigorous” investigation into the suspected fraud continues, explains the Board, adding that it’s “fully cooperating with all parties investigating the matter.”
