Annuity Expert Witness Comments on Unethical Sales Practices by Financial Adviser

Case Overview

This case involves Plaintiffs who were allegedly taken advantage of by a financial adviser based in Georgia. The Defendant is the president of his own firm, which sold various annuities and other investment products to the Plaintiff trust. The three Plaintiffs involved in the trust were all of considerable age. The Defendant was both a broker and agent of the Defendant corporation, as well as a representative of a larger life insurance company. The Defendant sold the Plaintiffs investment products through the Defendant corporation despite his knowledge that those entities were not in good standing in two states. It is alleged the Defendant sold the Plaintiffs numerous unsuitable investment products, including deferred annuities that matured after their actuarial life expectancy. The defendants made fraudulent misrepresentations and omissions concerning those investments, including but not limited to, disclosing the risks of purchasing deferred annuities that mature after the actuary life expediencies. It is alleged the defendants also engaged in the flipping and churning of plaintiffs annuities and that they profited by commission on each new annuity sale.