Category: Insurance Fraud

ATTORNEY NEWSLETTER Downsides to Variable and Indexed Annuities Know the Risks Before You Buy Insurance industry figures show sales of variable and indexed annuities have increased in the past few months. Our litigators recommend against variable and indexed annuities for any consumers, especially seniors. All annuities are complicated and risky, […]

ATTORNEY NEWSLETTER California Insurance Fraud Whistleblower Cases Whistleblowers Rewarded The California Insurance Frauds Prevention Act (“CIFPA”) allows members of the public to file private whistleblower/qui tam suits against anyone who commits insurance fraud in the State of California.  Cal. Ins. Code § 1871.7.  There have been several large whistleblower settlements […]

ATTORNEY NEWSLETTER Dangers of Premium Payment Loans Tax Consequences Borrowing against a whole life insurance policy can have serious economic and tax consequences down the road if policyholders are not careful. Insurance agents use the fact that policyholders can borrow against the cash value of whole life policies as part […]

ATTORNEY NEWSLETTER FINRA Levies Big Fines in 2018 for Sales of Unsuitable Annuities and Other Misconduct The Financial Industry Regulatory Authority (FINRA) polices financial advisor fraud including recommendations of unsuitable annuities. The agency detected a disturbing trend of sales to consumers, including seniors, of unsuitable products and “largely unsupervised” inappropriate […]

ATTORNEY NEWSLETTER How Insurance Agents Can Financially Exploit Seniors Unscrupulous insurance agents can really wreak havoc on a senior’s finances. Agent misconduct ranges from outright theft to more subtle forms of exploitation such as selling unsuitable life insurance and annuity policies or churning a senior’s existing policies into new ones […]

ATTORNEY NEWSLETTER Fraud Up as Annuity Sales Increase Unsuitable Products and Churning Annuity sales are up and so are cases of fraud, especially on seniors. The fraud on seniors varies but typically involves either the sale of unsuitable products or unlawful “churning,” where agents convince annuity owners to trade one […]

ATTORNEY NEWSLETTER Life Insurance Salesmen Convicted on Felony Charges for Fraud The Case of Life Insurance Fraud Earlier this year, two life insurance salesmen were arrested in California and charged with multiple charges, including identify theft, insurance fraud, and forgery. It is alleged that two agents both in their thirties, […]

ATTORNEY NEWSLETTER What Duty Does An Agent Owe You? Putting You First We at Evans Law Firm have for years litigated the question of an insurance agent’s duty to his clients, particularly when it comes to life insurance and/or annuities. We have written on the subject in this column. As […]

ATTORNEY NEWSLETTER The Perils of Whole Life Policies Whole Life Policies Whole life insurance policies are often unsuitable for the individuals who are pushed into buying them. In an ideal world, whole life policies were created to maximize the prospect of high interest rates and increasing stock prices which, again […]

401K Versus Annuities: Where Should My Money Go? Beware: annuities are not investment; they are really just a variant on life insurance. We at Evans Law Firm see a trend developing, in which more often than not, clients are sold annuities under the pretense that annuities are great investments. In […]