FINRA Reports Surge In Financial Elder Abuse Claims
Unsuitable Products, Breach of Contract, Negligent Advice and More
Investors harmed by broker or advisor recommendations can file complaints about the misconduct with the Financial Industry Regulatory Authority (FINRA). FINRA has the power to levy fines and disciplinary sanctions. The agency recently reported a surge in complaints by seniors of financial elder abuse by advisors, making financial elder abuse now one of the main complaints filed with the agency. The Alameda County financial elder abuse attorneys at Evans Law Firm, Inc. represent seniors financially exploited by brokers and advisors selling unsuitable annuities and other inappropriate investments in order to earn commissions, or other fraud such as unauthorized trading or promotion of risky, unregistered securities. If you or someone you know is over 60 and lives in California and is a victim of financial elder abuse or annuity or securities fraud of any type in Alameda County or elsewhere in California, call us today at 415-441-8669.
So far in 2018, financial elder abuse claims are among the top types of claims filed with FINRA. The number of financial elder abuse claims has increased by close to 30 percent over the estimated number for last year at this time. FINRA expects the numbers to keep growing at that rate. Fifty million U.S. citizens are now age 65 and older. According to AARP, 10,000 Americans turn 65 every day. Brokers and advisors target persons over 65 because they have more money to invest and because they’re often anxious to find ways in a low-interest rate environment to add to their income. Approach any suggested new investment with caution and always review any proposal with a professional advisor and your tax advisor who have nothing to gain from any sale to you.
In our experience representing financially exploited seniors, annuities and life insurance are not the answer to anxiety over future income levels. While our lawyers do not provide investment or tax advice, we have seen too many seniors lose money when their funds are tied up in expensive annuities and any withdrawal is subject to penalties and taxes. When an advisor sells an unsuitable or inappropriate annuity to a senior, the broker’s conduct may constitute financial elder abuse. If that has happened to you or a loved one, our attorneys can pursue all available remedies this kind of financial elder abuse. California law provides restitution (getting your money back), extra damages (to punish the fraudulent conduct) and awards of attorneys’ fees and costs to the senior forced to bring an action against the wrongdoers.
If you or a loved one been the victim of financial elder abuse or annuity fraud in Alameda County, or in any California county, contact Ingrid M. Evans and the other Evans Law Firm annuity fraud attorneys at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred annuities in California are listed below. We are not in any way suggesting that any of these carriers or distributors has done anything wrong. Rather, the list is provided solely as a reference for our readers.
AIG/American General Life Insurance Company
Allianz Life Insurance Company of North America
American Equity Investment Life Insurance Company
American General Life Insurance Company/AIG
American National Life Insurance Company
Ameriprise Financial/RiverSource Life Insurance Company
Ameriprise Financial/Securities America, Inc.
Athene Annuity & life Assurance Company
Athene Annuity and Life Company
Aviva Annuity and Life Insurance Company
AXA Equitable Life Insurance Company/AXA US
Bankers Life Insurance and Casualty Company
Brighthouse Financial, Inc./MetLife
Citigroup Global Markets, Inc.
Crump Life Insurance Services, Inc.
CUNA Mutual Group/CMFG Life Insurance Company
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Forethought Life Insurance Company/Global Atlantic Financial Group
Genworth Financial, Inc.
Genworth Life and Annuity Insurance Company
Genworth Life Insurance Company
Global Atlantic Financial Group/Forethought Life Insurance Company
Guardian Life Insurance Company
Guggenheim Partners/Security Benefit Life Insurance Company
ING USA Annuity and Life Insurance Company
Jackson National Life Insurance Company
John Hancock Life Insurance Company
Lincoln Benefit Life Company
Lincoln Financial Group
Massachusetts Mutual Life Insurance Company
Merrill Lynch Life Agency Inc.
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Minnesota Life Insurance Company/Securian Financial
National Western Life Insurance Company
Nationwide Life Insurance Company
New York Life Insurance Company
North American Company for Life and Health Insurance
Northwestern Mutual Life Insurance Company
Oxford Life Insurance Company
Pacific Life Insurance Company
Principal Financial Group
Prudential Life Insurance Company
Raymond James Insurance Group
RiverSource Life Insurance Company/Ameriprise Financial
Securian Financial/Minnesota Life Insurance Company
Securities America, Inc./Ameriprise Financial
Security Benefit Life Insurance Company/Guggenheim Partners
Symetra Life Insurance Company
Transamerica Life Insurance Company
Unum Life Insurance Company of America
Voya/Reliastar Life Insurance Company
Wells Fargo Advisors
World Financial Group Insurance Agency, Inc.