Filed Under:Annuities, Fixed Indexed

Illinois slams agent on indexed annuity sales

Large commissions, steep client losses, an aging client base and misleading marketing spur heavy regulatory action

The state of Illinois is moving to shut down the business of a Springfield-based insurance agent alleged to have steered seniors into indexed annuities that earned high commissions for the agent but steep losses for clients.

Illinois state Attorney General Lisa Madigan, filed a lawsuit Thursday in Sangamon County Court against Richard Lee Van Dyke Jr., and his financial firm, Dick Van Dyke Financial Ltd.

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Nichole Morford

Nichole Morford
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