Annuity Plan Fraud, Retirement Seminar Fraud

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Retirement planning seminars that are being used to sell annuities, are being investigated by legal professionals. These "free" lunches or dinners can turn out to be very costly. Unbeknownst to the consumer, annuities have high fees if they are cancelled any time in the first 5-10 years. Also, since annuities often earn less than a C.D., they are usually not a good investment for retirement planning.

In some cases, a bonus is promised to someone who already has an annuity to entice them to switch. While the salesperson receives a large commission for the switch, they are generally not in the best interest of the consumer. In many cases, consumers did not receive the promised annuity bonus and the annuity offered little return. Consumers also suffered investment losses, surrender penalties and income tax losses from their previous investments.

Annuities are long term products, but they are being sold without disclosing the losses that will occur if they are not held for ten to fifteen years. Because they are long term, they are usually not a reasonable investment for retired people.

New Cases of Annuity Fraud are a Reminder to be Wary
Retirement Seminar Fraud

Annuity Fraud in the News

Jul-01-06: $22 million awarded to two workers claiming variable annuity fraud. [ON WALL STREET]

May-02-06: "Free" Retirement Financial Seminars may cost you your shirt as seniors are targeted in retirement seminar fraud schemes. [USA TODAY]

A consumer fraud federal class action lawsuit was recently filed against Minneapolis-based Allianz Life Insurance Company of North America (NYSE: AZ). The complaint alleges that the financial services company violated Minnesota's consumer protection laws by enticing prospective and existing life insurance policyholders to purchase its Master Dex 10 Annuity, 10% Bonus PowerDex Elite Annuity, and the Bonus Dex Elite Annuity through false advertising.

Other companies offering "Bonus Annuities": Pioneer Investments, American Skandia, Ing, Ohio National, Extra-GE, Manulife Financial, AXA Equitable, Pacific Life, The Hartford.

Register your Annuity Plan Fraud Complaint

If you were induced to purchase an annuity for your retirement savings in a meeting or after a free lunch or dinner retirement seminar, you may qualify for damages or remedies. Please click the link below to submit your Annuity Plan Bonuses or Retirement Seminar Fraud complaint for a free evaluation.