Filed Under:Annuities, Fixed Indexed

Annuity Salesman Sent to Prison

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.

Featured Video

Most Recent Videos

Prospects not listening to voice mail? Arrange a phone date


Redesigning your phone life is more important than finding the “best words” for a voice mail in today’s culture.

Behind the scenes with Vicki Gunvalson [VIDEO]


In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI


Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's


An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Related resources

More Resources


Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.