Claim: Executive Life Insurance Company, which was named Aurora National, was under Paris-headquartered holding company Groupe Artémis in 1994 but was discovered to have been bought by Crédit Lyonnais.
Evidence: Because banks were prohibited under the Glass–Steagall Act from owning insurance companies, Crédit Lyonnais organized an investor group to buy the insurance company operations, with the new company named Aurora National Life Assurance Co. Majority control of Aurora National was sold to Groupe Artémis in 1994. In July 1998, an anonymous French whistle-blower told the California Insurance Department that Crédit Lyonnais was the real buyer of the insurance company and controlled it through secret agreements. Headquartered in Paris, France, Groupe Artémis was founded by François Pinault in 1992 as a family investment vehicle. Groupe Artémis is a holding company with a portfolio of investments in fashion, wine, luxury, art, tourism, publishing, sports, food, and technology.