12 years ago MLP sold contracts “MLP Fonds Polices” - how Bernhard Termuehlen fleeced business people
From 1996 up to now the MLPers were told to sell “MLP Fonds Lebensversicherungspolices” for amortization of investments in the customer’s own firms or houses. This products seemed to be good for doctors, entrepreneurs and so on who needed credits.
The idea was: Get a loan by a bank - so you have to pay back (sometime) the lended money plus (every month) the interest. Payback the interest only and declare to pay the lendet money back in e.g. 12 years. Put that part that you would normally use to amortisize the loan into an “MLP Fonds Police”. The revenue of the “MLP Fonds Police” was estimated to be at 9%.
The profit of the MLP Fonds Polices was told to be higher than the cost of the lended money. At the time when you should pay back the lended money you have compensated the interst. So was the idea.
The certain time was often stated “12 years”, so today the early customers should be able now to check now if the idea worked.
No, they can’t. Because the company “MLP Leben” that was sold and renamed “Heidelberger Leben“remaines in silence. There was no 9 %. There is desaster!!!
Imagine a doctor would have needed 500.000,- Euros to build up his medical practise 12 years ago and is asked now to repay. The doctor will find a funny surprise: His life insurance based on the MLP’s former own insurance company is worth not 500.000,- Euros - its about 200.000,- Euros.
You don’t believe? Then try up to phone call Heidelberger Leben!
Now for the interesting part: The scam with “MLP Fonds Polices” was designed by a nice gentleman called Dr. Bernhard Termuehlen, then head of the Wiesholes. The product was bogus from the beginning on. The shameless scam made Termuehlen and Manfred Lautenschlaeger to be two of Germany’s richest men in the 90ies.