Another California annuity trial?
With the saga of Glenn Neasham still fresh in the collective memories of annuity producers, another case involving the sale of annuities to seniors in California is now making headlines.
Former California annuity agent Alan S. Lewis is in jail awaiting trial on 29 felony counts of embezzlement, grand theft and burglary related to selling fixed index annuities to seniors, stemming from charges brought by a district attorney who is up for reelection.
Court documents allege that Lewis induced 12 seniors into surrendering IRAs or annuities for a “less favorable” annuity, causing the seniors to lose more than $300,000 in surrender penalties.
Forum members have been quick to chime in with their thoughts on another provocative case that could impact how annuities are sold in the Golden State, including whether or not the DA ought to be involved at all.
“Just because compliance approved it does not mean he did not commit twisting or churning,” said one member. “Whoever approved the transactions should face punishment as well. But this seems more a case for the DOI than the State's Attorney.”
Some members noted the hostile environment toward selling annuities to seniors in California, and the irony of the “burglary” charges stemming from some of the meetings being held in the homes of the seniors.
- Aetna-Humana merger blocked by federal judge; decision on Anthem-Cigna deal up next
- ‘Moneyball’ for InsureTech: How CB Insights crunches data differently to identify what’s next
- Factors driving the growth of the income annuity market
- Lemonade’s ‘Transparency Chronicles’ provide rare look inside a startup carrier’s metrics
- Maximizing the potential of the $12 trillion underinsured U.S. life market
- February ‘Insure Your Love’ campaign looking for big social media boost
- Allianz stakes claim as title sponsor for up-and-coming Drone Racing League
- Small business owners have big plans for 2017