Category: Investment Fraud

ATTORNEY NEWSLETTER FINRA, the national association of securities traders, has published new research on how financial abuse affects victims. The study aimed to look at financial fraud from the victim’s perspective, including their experiences, reactions, and the potential indirect financial costs and non-financial consequences of being defrauded. The report issued […]

ATTORNEY NEWSLETTER A consumer advisory regarding pension advances has been issued by the Consumer Financial Protection Bureau. A pension advance is a cash advance in exchange for future pension payments. These companies often charge high interest rates and fees. Although it is illegal for lenders to take a military or […]

ATTORNEY NEWSLETTER California insurance fraud attorneys are investigating potential claims against Prudential Life Insurance Company of America related to the sale of deferred annuities and life insurance policies. Deferred annuities, or fixed annuities, are types of long-term investments that often prohibit or preclude withdrawals for at least 10-20 years. Deferred […]

ATTORNEY NEWSLETTER Index Universal Life insurance policies are long-term, fixed investments. As the name suggests, it is a permanent life insurance product. Universal life insurance policies are said to guarantee payments to beneficiaries, once the policy holder dies. AXA Equitable Life, Penn Mutual Life, Midland National, Lincoln Financial, Pacific Life, […]

ATTORNEY NEWSLETTER During the 2014 fiscal year, the government’s whistleblower program has been the most successful yet. According to the New York Times, the Justice Department recovered $5.69 billion for false claims per the False Claims Act in 2014. The two biggest settlements included recovery for faulty mortgages and Medicare […]

ATTORNEY NEWSLETTER A report released by the Financial Conduct Authority in February 2014, said that the annuities market is messy and that customers are not getting the deals they deserve. In response, the government has put a cap on the sale of annuities. This cut to the annuities market has […]

ATTORNEY NEWSLETTER While seniors and elders would prefer to be able to trust their closest friends and family, the fact is, those are the very people that may be hurting seniors and elders. Whether it is sons and/or daughters stealing from grandparents, or long-time friends suddenly in “dire” financial straits, […]

ATTORNEY NEWSLETTER Seniors and elders are the main targets for insurance and annuity scams. Scammers may set up fake insurance companies or loan seniors and elders money to invest in insurance using fake applications so when the senior or elder dies, the scammer receives all the money. Read the following […]

ATTORNEY NEWSLETTER In September, New York Financial Services began an investigation into the Indexed Universal Life sales practices under the belief that insurance companies selling indexed universal life policies have been providing buyers with misleading information. In selling Indexed Universal Life policies, insurance companies use “illustrations” that contain information about […]

ATTORNEY NEWSLETTER Many elders fall victim to fraud through trickery and deceit. However, studies show that aging hampers decision-making abilities due to mental impairment, resulting in a lack of capacity to detect fraud. How do we make decisions? We rely on the part of our brain known as the ventromedial […]