LOCs underpinning Vesttoo’s business ‘largely illusory’
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LOCs underpinning Vesttoo’s business ‘largely illusory’

Thorsten Schier
07 September 2023
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The vast majority of letters of credit (LOCs) issued by beleaguered InsurTech Vesttoo as it built its business have turned out to be fraudulent, the result of an elaborate deception that included impersonation of bank officials, according to findings made public as part of the company’s bankruptcy case.

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News Vesttoo
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Thorsten Schier
Managing Editor, Insurance Insider US
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