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Annuity Salesperson Sentenced To Jail Time

Tuesday, March 27, 2012 - 5:35 AM
From Clark Howard's show notes:
For as many years as I can remember, I have had so much anger about insurance salespeople who sell annuities to senior citizens. For most seniors, the only appropriate annuity is an immediate annuity or life annuity.

Finally, somebody has gone to jail for what I've always believed is a travesty, according to The Wall Street Journal. A California insurance agent was ordered to serve 90 days in jail for the felony of selling a very complex annuity to an 83-year-old woman with dementia.

Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Tuesday, March 27, 2012 - 10:02 AM
How lucky that elderly lady was that her bank protected her.  So this terrible guy goes to jail for just 90 days but think about the thousands of others who are doing the same thing and making big commissions off of elderly people who don't or in no position mentally to know better.  Most banks I know have these leeches sitting in desks waiting to pounch on the elderly.  They are able to check out the accounts and call those they think they can pounch upon.  I just had it out with my bank for allowing their "financial advisor" to do this with me.  They said he has the right to check my account since he works for the bank.  I gave the manager orders that "NO" one but a bank employee who is not a financial advisor is allowed to check out my accounts.  If I get another call, it's goodbye time for me and that bank.  These leeches are hungry to pounch upon the elderly in the name of "I am only trying to help you make more money". 
ApacheApache43 posts since
Dec 5, 2011
Rep Points: 565