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November 27, 2022

It’s Difficult to Pinpoint Exactly Why Life Partners Fired Their CFO After He Was on the Job for 11 Days

Life Partners Holdings hired Scott Dubs as its CFO on August 20, 2012. Life Partners Holdings fired Scott Dubs on August 31, 2012. That length of tenure is so short that Dubs probably didn't have enough time to settle on a favorite stall in the mens room. Of course, for a company to fire a man after such a short period of time would lead you to believe that they had a very good reason and that is true in this case. However, it's not entirely clear which possible reason they chose as the 8-K filing simply stated that Dubs was "terminated."  All kinds of issues came up when the Fort Worth Star Telegram started asking questions:

The abrupt dismissal of Scott Dubs came as the Star-Telegram was inquiring about financial problems he faces, including a personal bankruptcy case and circumstances of his 2009 firing by firms controlled by Fort Worth filmmaker Johnny Langdon. Dubs filed for bankruptcy in November 2010, five months after state District Judge Dana Womack ordered him to pay a $480,285 judgment. Dubs, who stated assets of $1.45 million and debts of $2.8 million, tried to withdraw the bankruptcy case this summer but the court ruled against him. It was his second bankruptcy filing in 10 years. The judgment stemmed from a lawsuit filed by a group of six companies for which Dubs previously served as CFO. The firms operated by Langdon, a colorful Westover Hills millionaire, accused Dubs of giving himself huge raises without authorization and having a company bank account pay more than $100,000 of his wife's personal credit cards, according to the complaint.
Okay, so a couple of bankruptcy filing? Forgivable. Accusations of giving himself unauthorized pay raises and using company funds to pay $100k on his wife's credit card at an old employer. A little concerning. But perhaps – PERHAPS – this was the final straw:
It also claimed that Dubs concealed that his license as a certified public accountant had been revoked several years ago by the Texas State Board of Public Accountancy, whose website said he failed to pay fees for three years.

Lying about being a cheapskate to the Texas State Board of Accountancy? Dubs is probably lucky he isn't on death row.

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