Economy

March 20, 2010

LandAmerica touted its safety but clients lost millions

On the day before Thanksgiving 2008, Jean Ann Simmons came home after picking up her children at school to find an express mail package on her front porch in this small Texas town. A unit of LandAmerica Financial Group Inc. — the company the Simmonses had entrusted with more than a quarter of a million dollars — informed the family in a one-page letter that it was going out of business. Nine months earlier, officials at LandAmerica had learned that the supposedly safe investments they'd made for clients such as the Simmonses had tanked.

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