Filed Under:Annuities, Fixed Indexed

Scapegoat or Con Artist: You Decide (Earl E Bird)

The facts of the Glenn Neasham case are pretty straightforward. Fran Schuber was diagnosed with dementia four years prior to meeting and buying an indexed annuity from Glenn Neasham at the age of 83. Schuber went to Neasham’s office on the advice of a trusted friend. The friend was a satisfied client of Neasham’s and thought an indexed annuity would yield Schuber more interest than her bank account. Neasham escorted Schuber and her friend to the bank to make a $175K withdrawal to purchase the annuity. Schuber signed a disclosure form verifying that she understood the annuity contract’s features and penalties; Neasham collected his commission. The state of California worked hard to bring this case to trial. In the end, Neasham was found guilty of felony theft and was sentenced to 90 days in jail.

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