Filed Under:Markets, Senior Market

Senior financial fraud uncovered in California, New Jersey

Rogue Advisors

A California agent lost his insurance license after selling unregistered securities to seniors. According to Department of Insurance investigators, the agent gave misleading advice to at least six state investors, collecting over $1.5 million over a 10-year period. Among the phony investments the agent promoted was an unauthorized annuity from the National Foundation of America, a purported charitable organization. In reality, the foundation was an unregistered and unlicensed entity, one of whose executives was earlier convicted of fraud following an FBI investigation.

A New Jersey insurance agent will serve up to 10 years in state prison for defrauding 20 clients out of some $1.5 million. The agent held himself out as an investment advisor from 2009 to 2012, focusing his efforts on area senior citizens. He promised to invest their money in various securities, but instead used their money for personal purposes.

Featured Video

Most Recent Videos

Prospects not listening to voice mail? Arrange a phone date

Provided by LIFEHEALTHPRO

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]

Provided by LIFEHEALTHPRO

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

Provided by LIFEHEALTHPRO

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

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

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

Related resources

More Resources

Comments

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.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.