Posts Tagged ‘elder scam’

Another lawsuit claiming annuities company scamming elderly

February 14, 2009

I posted a couple weeks ago about the lawsuit against Bankers Life for taking advantage of the senior citizen by selling them annuities that probably wouldn’t mature until after the elderly client’s death.  Now comes a similar suit filed against American National Insurance Company in a California federal court.  

This complaint has much more detailed information about American National’s annuities offerings and how they are sold and marketed compared to the Banker’s Life complaint but the crux of the allegation is very similar.  Here the complaint states under the terms offered to the plaintiff, she wouldn’t receive any payment on her annuity until 2025 when she would be 106 years old (bolded in the original).

Complaint courtesy Courthousenews

Bankers Life annuities for seniors problem

February 6, 2009

I posted here about the Bankers Life lawsuit claiming the company was preying on elderly to buy worthless annuities.  Now comes this news that a former Bankers Life agent had his $80,000 fine and ban from selling securities upheld by Montana judge. The agent had attempted to get an Alzheimers’ patient to liquidate her securities to purchase a fixed annuity among other charges.

Sadly, criminal charges against the broker were dropped because one of the witnesses couldn’t remember the details of the transaction.