Category: Investment Fraud

ATTORNEY NEWSLETTER It’s been a long time since life insurance was a risky business. In the last century and a half, reformers have created a sold, staid industry that is compelled by law to invest the bulk of its customers’ money in low-yield, low-risk bonds that are guaranteed to produce […]

Fidelity Doubles Down on Deferred Annuities ATTORNEY NEWSLETTER Fidelity Investments is stepping up their inclusion of deferred annuities as part of retirement planning. Their move follows a record year for deferred income annuities, with sales at nearly $3 billion, up 22% from the previous year. As sales skyrocket, the only […]

Why Protecting Whistleblowers Pays Dividends ATTORNEY NEWSLETTER At a time when businesses and governments seem more eager than ever to cover up their wrongdoings, it’s worth asking what benefit there is in strong whistleblower protections. The benefit to the whistleblower is obvious: these protections enable them to act on their […]

ATTORNEY NEWSLETTER Consumers should be aware that insurance companies can raise the Cost of Insurance (COI) rates on non-guaranteed life insurance products, resulting in higher monthly policy charges. When there is a change in expectations as to future experience, insurance companies can increase the current COI rates to no greater […]

ATTORNEY NEWSLETTER Seniors lose an estimated $36.5 billion annually nationwide to elder abuse, according to a recent report from San Francisco-based True Link Financial. In any given five-year period, 37 percent of the elderly population is affected by financial elder abuse. Financial elder abuse is widespread but among the most […]

ATTORNEY NEWSLETTER Although insurance agents and companies often pitch the benefits of deferred annuities, it is important for consumers, particularly elderly consumers, to be aware of the risks as well. First, consumers should be aware of some of the marketing and sales schemes used to sell annuities. If you have […]

ATTORNEY NEWSLETTER The Securities and Exchange Commission issued guidance this week regarding their whistleblower protections. This reinforced their stance that whistleblowers are protected against retaliation even if they report internally within their company, rather than to the agency, first. The Dodd-Frank Act, which created the SEC whistleblower program, had whistleblower […]

ATTORNEY NEWSLETTER A Financial Industry Regulatory Authority (FINRA) arbitration panel recently ordered Morgan Stanley to pay $2.4 million to a group of physicians and their family members. The physicians had accused former Morgan Stanley broker Steven Mark Wyatt of unauthorized and excessive stock-market trading. According to the lawyer for the […]

ATTORNEY NEWSLETTER It is recommended that consumers carefully review any policy and consider their options before purchasing any annuity policy. Annuities are complex products that often have hidden fees and costs, and may not be suitable for all investors, particularly senior citizens. Annuities often have surrender charges, making it difficult […]

ATTORNEY NEWSLETTER A recent annuity fraud case in California illustrates the danger that annuities can pose to people’s finances, especially when it comes senior citizens. An insurance agent in Palm Desert was recently sentenced to more than nine years in prison and ordered to pay $3.4 million in restitution for […]