Hard to believe or even imagine but a 51-year-old California insurance advisor has been sentenced to four years in the “Big House.” Convicted on felony theft by a jury after three years of headaches and trials, putting his family into poverty, Glenn Neasham now faces a long stay at the “Gray Bar Inn.” His crime? Selling a single Allianz MasterDex 10 fixed indexed annuity to an 83-year-old woman. Documents show he interviewed the senior client’s banker, son and boyfriend prior to making his annuity recommendation.
And the weirder part is that the senior annuity purchaser has actually earned a $43,000 gain on the original $175,000 indexed annuity bought in 2008 (decent return given the recent market). In California, Allianz’s popular product is valid to offer to seniors up to age 85. Plus, according to court documents, the previously “ice clean” insurance salesman actually recommended leaving $100,000 of the seniors money in a bank CD to provide additional liquidity for her (which she followed). And the insurance advisor reportedly called the client’s son to inform him of her pending purchase and confirm her chosen beneficiary designations.