Rhodes Financial Inc

Top officers of First Executive Corp. reaped windfall profits only months before state regulators took over the company's biggest subsidiary, Executive Life Insurance Co. of California, according to an annual financial statement filed by the company. Five months before Executive Life was seized by the state Insurance Department, four of First Executive's top officers cashed out of a limited partnership called Executive Life Associates Ltd.

Top officers of First Executive Corp. reaped windfall profits only months before state regulators took over the company's biggest subsidiary, Executive Life Insurance Co. of California, according to an annual financial statement filed by the company. Five months before Executive Life was seized by the state Insurance Department, four of First Executive's top officers cashed out of a limited partnership called Executive Life Associates Ltd.