415-441-8669 | TOLL FREE: 888-50EVANS

Mar 20, 2019 by |

California and Marin Financial Elder Abuse and Annuity Attorneys: Financial Exploitation of Seniors

ATTORNEY NEWSLETTER

FINRA Bars Broker for Unsuitable Advice, Unethical Conduct and Financial Exploitation of Senior

The Financial Industry Regulatory Authority (FINRA) polices financial advisor fraud and financial elder abuse including financial exploitation of seniors, unethical conduct towards them, and recommendations of unsuitable investments. The Marin financial elder abuse and annuity attorneys at Evans Law Firm, Inc. represent seniors financially exploited by insurance agents, financial advisors, and brokers selling unsuitable annuities, recommending inappropriate exchanges, making unauthorized trades, and other fraud.  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, call us today at 415-441-8669. 

One recent case[1] shows just how deep broker or agent misconduct against senior customers can go.  In the case, a FINRA-registered advisor exploited an 81-year-old customer by getting her to appoint him as her Power of Attorney, name him as executor and beneficiary under her Will, designate him as a beneficiary of her bank accounts, and surrender a variable annuity incurring thousands of dollars in surrender penalties.  Investigators also discovered a number of signed, blank forms in the broker’s possession for effecting withdrawals and transfers of the elderly customer’s accounts. The broker accompanied the senior to her bank and assisted her so that she could designate him and his spouse as her beneficiaries.  FINRA found the level of influence the broker exerted over the elderly customer to be “inordinate and unacceptable.” FINRA has barred the broker from associating with any FINRA member in any capacity, although the allegations are subject to adjudication and appeal.

The case illustrates just how pervasive financial exploitation of a senior can be by an unscrupulous broker, insurance agent, financial advisor or planner or other investment professional. If an agent, broker or other financial advisor has financially exploited you or a loved one in such a way, 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. 

Contact Us

If you or a loved one been the victim of financial elder abuse or exploitation, undue influence, or other investment fraud in Marin 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:info@evanslaw.com”>info@evanslaw.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 insurance agents and brokers but are often inappropriate or unsuitable products for consumers, especially seniors and may be sold to senior citizens by exerting undue influence or other exploitative behavior. 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 or acted in an exploitative manner.  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

Athene USA

Aviva Life Insurance Company

AXA Equitable Life Insurance Company/AXA US

Bankers Life Insurance and Casualty Company

Berkshire Hathaway Group

Berkshire Hathaway Life Insurance Company of Nebraska

Brighthouse Financial, Inc./MetLife

Citigroup Global Markets, Inc.

Crump Life Insurance Services, Inc.

CUNA Mutual Group/CMFG Life Insurance Company

Delaware 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

National Life Group

National Life Insurance Company/Equity Services, Inc.

National Western Life Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

North American Company for Life and Health Insurance

Northwestern Mutual Investment Services, LLC

Northwestern Mutual Life Insurance Company

Northwestern Mutual Wealth Management Company

Oxford Life Insurance Company

Pacific Life Insurance Company

Principal Financial Group

Prudential Life Insurance Company

Raymond James Insurance Group

Reliance Standard Life Insurance Company/Tokio Marine Group

RiverSource Life Insurance Company/Ameriprise Financial

Securities America, Inc./Ameriprise Financial

Security Benefit Group, Inc.

Security Benefit Life Insurance Company/Guggenheim Partners

Security Investors, LLC

The Standard Life Insurance Company

Symetra Financial Corporation

Symetra Life Insurance Company

Transamerica Life Insurance Company

 Unum Life Insurance Company of America

 USAA Life Insurance Company

 Voya/Reliastar Life Insurance Company

Wells Fargo Advisors

Western & Southern Financial Group

The Western & Southern Life Insurance Company

 World Financial Group Insurance Agency, Inc.

[1] Evans Law Firm, Inc. was not involved in the case in any way.

Million Dollar Advocates Forum SuperLawyers Badge Best Lawyers Badge Avvo Lawyer Badge

Our Passion For Justice

415-441-8669 888-50EVANS

Hear What Our Clients Have To Say

"I highly recommend Ingrid and her law firm. If you are looking for an attorney who is a great listener, a compassionate advocate and who really knows the law, this should be your first stop."