Soeide Law Group is currently investigating broker, Bambi I. Holzer, CRD #1088028. Ms. Holzer is currently a registered representative with Newport Coast Securities of Beverly Hills, CA. There have allegedly been numerous (over 50) reports filed against her in her 25+ year career, and over $11 million in awards and settlements. Several of these complaints have been regarding the improper sale of private placements, and the sale of variable annuities, another high-risk product that is now under heavy scrutiny from federal regulators.

She was previously employed by these Beverly Hills, CA, brokerages: Wedbush Morgan Securities, Sequoia Equities Securities Corp., and Brookstreet Securities Corp.

If you feel you may have a claim against Bambi Holzer call 888-760-6552.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. Visit our website at: http://www.securitieslawyer.com.

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Soreide Law Group is currently investigating potential claims regarding the sale of variable life insurance policies and certain Real Estate Investment Trusts (REITs) sold by former Ameriprise financial advisor, Tracey Crownover. Ms. Crownover was terminated by Ameriprise for failing to follow firm policies. Tracey Crownover has over 25 reported customer disputes through the Financial Industry Regulatory Authority (FINRA).

If you feel you may have a claim against former Ameriprise broker Tracey Helaine Crownover, call 888-760-6552.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, represents clients nationwide before FINRA. If you or a loved one have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. Visit our website at: http://www.securitieslawyer.com.

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As a general rule, investment performance for the last ten years has generally been mediocre. This is true not only for most individual investors, but also for many institutional investors and insurance companies. From early 2000 through 2007, the insurance industry sold a significant amount of variable annuity contracts that included a guaranteed minimum income benefit (GMIB) feature. With hindsight, the insurance industry (as a whole) is realizing that it often materially mispriced those contracts – in favor of the annuity owner. Most companies have since changed their pricing and feature models on their more current contracts. For the older contracts that are “locked in”, some companies are even making unsolicited cash-out offers, in an effort to entice those annuity holders to exit their (the remaining companies) “problem” contracts.

It would indeed be the rare annuity contract holder that truly understands the provisions and nuances of his/her 2000 to 2007 years’ contracts (and the insurance company is absolutely not going to tell them how to take advantage of those contracts). Such annuity holders can significantly and substantially better his/her overall related gain, if informed on how to do so. This is truly an area where what you do not know can hurt you.

We believe the insurance company and industry (as a whole) is intentionally not explaining the opportunities and benefits an owner could derive from those contracts. Why? Because, if the individuals knew, it could be very good for the annuitant – but bad for the issuing insurance company. As an industry, they are obviously looking out for #1 (i.e., the insurance companies).

Provisions and elections that may need to be addressed will probably relate to current and future income flow. If the annuity carries a “Guaranteed Minimum Income Benefit” rider, this type of rider allows you to receive income distributions, while still preserving the principal for a future lifetime income stream. We will be looking for any income stream that may be available, while still maintaining a level death benefit amount. Some contracts give very specific restrictions regarding withdrawal amounts and any withdrawal exceeding the limits can cause the beneficial contract clause to be lost.

Other contracts have riders with “expiration” dates that, effectively, require you to “use the benefit or lose it.” Annuities can be costly products and failure to be familiar with the details can result in costly mistakes. For example, there are often investment restrictions attached to income riders. Investment in a conservative fixed-income fund may reduce or even nullify income guarantees in the contract. A major issue that will be reviewed is ownership of the contract. Many annuity contracts allow for a “spousal” continuation at the owner’s death. This can be a crucial income source for the remaining spouse. (Be careful because this provision probably is not available in the annuity contract; however, you can be sure that the company is not emphasizing some of the less favorable (for the company) aspects of their produce. Thus, all of this is further complicated by the difficulty in just getting the appropriate information from the insurance company. Such information is often being legally – but, we believe, all too often intentionally and deliberately provided in a misleading and/or an entirely missing fashion. Also, some of these contracts only have periodic “windows” to make certain decisions and some of these “windows” are extremely short – as little as 72 hours, per year.

If you or a loved one recently sold your Guaranteed Minimum Benefit annuity back to your annuity company, call Soreide Law Group and speak to an attorney at (888) 760-6552, or visit our website at http://www.securitieslawyer.com.

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The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, November, 2012.”

Evan Coley Eggers (CRD #5205969, Registered Representative, Jacksonville, Florida)

fined $5,000 and suspended from association with any FINRA member in any capacity for six months. Without admitting or denying the findings, Eggers consented to the described sanctions and to the entry of findings that
he made premium payments for his customers’ life insurance policies, using his personal funds to make the payments.

FINRA’s findings stated that each payment was submitted to his member firm via a money order, a practice forbidden by company policy. On each money order, Eggers falsified the customer’s signature. On a couple of occasions, Eggers falsified the customer’s signature to reduce the value of a life insurance policy.

The FINRA findings also stated that all insurance policies at issue were less than one year old. By continuing payment of the premiums, all policies remained active through a period of 13 months, thus qualifying Eggers for potential remuneration.

The suspension is in effect from October 1, 2012, through March 31, 2013. (FINRA Case #2011026438701)

If you or a family member have become alleged victims of annuity or insurance fraud, contact an attorney at Soreide Law Group for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit http://www.securitieslawyer.com.
Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court, and before the Financial Industry Regulatory Authority (“FINRA”).

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The Financial Industry Regulatory Authority, also known as FINRA, has been enforcing all types of annuity transaction misdeeds nationwide according to recent enforcement reports from the agency, writes Elizabeth Festa in a recent article for LifeHealthPro.com.

FINRA recently censured a firm and fined it $40,000 to settle allegations that the firm failed to maintain required documentation about variable annuity transactions and it’s customers. Sampled transactions of the firm, Allied Beacon Partners, Inc., Richmond, Va., lacked certain customer information or documentation needed in order to make a reasonable suitability determination.

“A large portion of variable annuity transactions sampled revealed the firm’s failure to ensure that a designated principal adequately reviewed and approved the customer’s application prior to its transmission to the issuing insurance company,” FINRA wrote.

FINRA reported that the firm’s Written Supervisory Procedures (WSPs) for variable annuity transactions were deficient. The WSPs identified one individual as having the responsibility to supervise variable transactions, but another individual not identified in the WSPs was actually the primary person responsible for supervising VA transactions, FINRA uncovered.

FINRA’s findings also said that the WSPs did not address how the firm would monitor compliance with SEC Rule 15c2-8, which requires that a prospectus be delivered to customers. The firm was unable to provide any documentation that a prospectus was sent to any of the customers, FINRA alleged.

FINRA also settled a matter involving a registered representative who recommended unsuitable transactions, a mortgage and a variable annuity, to a customer, a 53-year-old widow who worked as an administrative assistant for a public school system. Her annual salary was approximately $55,000, she owned a home unencumbered by a mortgage and valued at approximately $500,000, and she had an investment portfolio valued at approximately $160,000 in retirement accounts and $100,000 in certificates of deposit.

In another recent case, FINRA found that the representative did not have a reasonable basis for recommending that the customer mortgage her primary residence to invest $300,000 in a variable annuity, given that the customer intended to retire in seven years, had limited income, expected an equally limited retirement income and would have an insufficient monthly income to make the mortgage payments.

FINRA concluded that the registered representative’s conduct violated rules of ethical standards and rules concerning recommendations to customers. FINRA fined the representative $5,000 and suspended him in all capacities for 10 business days.

In another FINRA case, a registered representative in Naples, Fla.,was fined $25,000 and suspended from association with any FINRA member in any capacity for three month. He consented to findings that he recommended and executed a variable annuity replacement contract for a member firm customer in a state in which he was not licensed to sell insurance products and included false information in the firm’s electronic books and records.

FINRA’s findings stated that he logged into his member firm’s Web-based system utilized by firm sales staff to complete transaction paperwork for annuity contract purchases reporting that the customer was a New York state resident. When the system rejected the replacement transaction because the deferred VA product was not offered to New York residents and because he did not hold the requisite state insurance license, he listed the customer’s state of residence as Florida.

The National Association of Insurance Commissioners (NAIC) revised its annuity sales model regulation in March, 2010, to provide annuity protections for consumers of any age, (such as the 53 year-old widow), requiring insurer reviews of every annuity transaction, and clarifying that insurers are responsible for compliance with annuity protection provisions — even when insurers contract with third parties.

A Florida regulatory-supported bill died in the Florida Banking & Insurance Committee back in March, 2012. Florida, which has one of the highest senior population rates in the country, would have become the 20th state to enact the revised model law on annuities.

If you or a family member have become alleged victims of annuity or insurance fraud, contact an attorney at Soreide Law Group for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit http://www.securitieslawyer.com.
Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court, and before the Financial Industry Regulatory Authority (“FINRA”).

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David Louis Bocchino (CRD #3168609, Registered Representative, Bradenton, Florida)

was fined $7,500, which includes disgorgement of $2,850 in commissions, and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Bocchino consented to the described sanctions and to the entry of findings that he became licensed with a company that underwrites life settlement contracts and, while registered with his firm,sold a $30,000 unregistered security to an individual.

The FINRA findings stated that the customer was to use the funds to purchase issued life insurance policies, and upon the death of the insureds, receive a portion of the death benefit from each policy. The individual used
funds from his individual retirement account (IRA) at another firm to make the investment.

It was stated that Bocchino received $2,850 in commissions in connection with the transaction. The FINRA findings also stated that Bocchino failed to provide his firm with prior written notice and failed to obtain his firm’s written approval concerning the transaction although the firm’s WSPs
explicitly prohibited the sale of life settlements.

This suspension is in effect from May 21, 2012, through August 20, 2012. (FINRA Case #2010023743901)

This information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. Call for a free consultation on how you could potentially recover your financial losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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On July 25th., 2012, the U.S. Attorney’s Office in Baton Rouge, La.,  charged Timothy R. Schlatre with mail fraud, money laundering and asset forfeiture for his alleged role in a life insurance scam.

Schlarte was an agent for New York Life Insurance Co. and Lincoln National Corp. He allegedly made hundreds of thousands of dollars in commissions by selling insurance policies based on phony representations and defrauded the insurance company by allegedly writing policies over $100 million.

According to the U.S. Attorney, Schlatre conspired with six other individuals to apply for life insurance coverage. The agent allegedly instructed the applicants to lie about their net worth and monthly income, which they then could receive greater amounts of coverage.

Schlatre allegedly provided the applicants with money to pay the premium costs —which is barred by the life insurers and by state law.  The agent allegedly deposited the money into the applicants’ accounts so that they appeared to be making the payments.

Schlarte is now facing a maximum of 30 years in prison, and fines of up to $500,000 or twice the gross gain or loss from the offense  whichever is larger.

If you or a family member have become alleged victims of life insurance fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit securitieslawyer.com. Lars K. Soreide will stand up and fight for the rights of consumers.

Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

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John Herman Fick (CRD #4197483, Registered Representative, Fuquay-Varina, North Carolina)

was fined $5,000 and suspended from association with any FINRA member in any capacity for 18 months. This fine must be paid either upon Fick’s reassociation with a FINRA member firm after his suspension, or before the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Fick has consented to the described sanctions and to the entry of findings that he signed customers’ names to insurance policy-related documents without the customers’ knowledge or consent.

The FINRA findings said Fick falsified an insurance application for a customer. Fick was no longer associated with a member firm, and he was unable to sell his former firm’s insurance products, and never submitted to the former firm the application that the customer had completed and returned to him. Fick filled out an insurance application for the customer from his present firm’s parent company, using an incorrect address for the customer’s residence address on the application and incorrect information for the customer on the application. Without authorization to do so, Fick signed the customer’s name on the insurance application and submitted it to the insurance company. An official from the company canceled it before a policy was issued. FINRA’s findings also stated that while associated with another member firm, Fick signed a customer’s name on an insurance policy receipt and a payment service form without authorization.  The firm terminated Fick when the unauthorized signatures were discovered.

The suspension is in effect from May 7, 2012, through November 6, 2013.

(FINRA Case #2010025071201 ) 

This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2012. 

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients before FINRA nationwide. If you have sustained investment losses due to your stock broker/dealer, or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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In an InvestementNews.com article by Darla Mercado, she writes that a group of mostly elderly investors trapped in a $7 million scam involving so-called “private annuities” will be getting back only a sliver of their original investment.

The trustee overseeing the bankruptcy case of insurance agent John F. Langford of Amarillo, Texas, revealed that most of the clients in a fraud masterminded by the agent will be getting back only 2.8 cents for every dollar they had invested.

Langford is currently doing time — 15 years in prison — after pleading guilty last fall to 15 counts of securities fraud and other charges. The Texas State Securities Board said that he stole close to $7 million from dozens of clients through the sale of unregistered products, including phony “private annuities” and promissory notes that promised interest rates as high as 9%.

Ms. Mercado writes that after going through Mr. Langford’s assets, which included an $85,000 Jackson National Life Insurance Co. annuity and $2,600 in furs and jewelry, trustee Kent Ries was able to scrape up $212,126 from which to pay off unsecured creditors’ claims. The jailed insurance agent owes money to 111 individuals and companies.

The InvestmentNews.com article said that among the largest claims Mr. Langford is facing: a $1.24 million claim from Hazel Carter, guardian of investor Ruth Alice Roach–Worak. Ms. Carter pursued Mr. Langford in federal bankruptcy court in Texas, arguing that Mr. Langford had made misrepresentations to Ms. Roach-Worak when selling “private annuities” to her between 2004 and 2006. Ms. Roach-Worak, who was over age 80 at the time, had chipped in about $950,000 in purchasing the phony investments, many of which weren’t expected to come due until she was over 90. Ms. Carter is expected to net only $35,765 out of her million dollar claim, according to trustee documents.

Mercado writes that a spokesman for the Texas State Securities Board, noted that in many fraud cases, victims manage to get only a few cents on the dollar. “There’s generally little recovery in fraud cases,” he said. “This fraud has gone on for a while, and Mr. Langford made a number of Ponzi-type payments. The money disappeared, and this is why it’s critically important for investors to check if the person and the investment are registered before making an investment.” He  also noted that often victims make the mistake of purchasing unregistered investments from insurance agents, assuming that “because they’re involved in the financial field, they’re authorized to sell securities.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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In an InvestmentNews.com article from March 6, 2012, Darla Mercado writes that the Lincoln National Life Insurance Co. will pay $5 million in death benefits  for a life insurance policy the insurer had contended was fraudulent.

The jury in the U.S. District Court for the Southern District of Florida on Friday found in favor of plaintiff Steven A. Sciarretta, a trustee of the Barton Cotton Irrevocable Trust and owner of a $5 million life insurance policy on the life of the late Mr. Cotton, in a case against Lincoln National.

Mercado writes that Mr. Sciarretta took the insurer to court last April because Lincoln would not pay the death benefit proceeds, even though Mr. Cotton had died after the two-year contestability period in which carriers can refute claims had expired. Lincoln countersued and alleged Mr. Cotton’s policy was void from the start because he had indicated falsely on the policy application that he had no intent to sell the coverage on the secondary market or to assign a beneficial interest in the policy to a trust.

Lincoln National, the insurer, claimed the policy was issued at the behest of so-called stoli promoters. Stoli, or stranger-originated life insurance, involves buyers’ purchasing life insurance coverage they don’t need for the express purpose of selling the death benefits to investors.

The InvestmentNews.com article goes on to say that the jury found the trust had indeed made false statements on the life insurance application. But the panel also stated that it believed Mr. Cotton had not intended at the moment of purchase to transfer the policy to another party with no insurable interest in his life. The jury also found that Lincoln itself was not harmed by these misrepresentations, according to the verdict.

Mercado adds that Mr. Sciarretta benefited from Florida’s insurable interest law, which contains an implicit “good faith” requirement, which requires the insurer to prove that the policy was purchased with the sole intent to sell it to a stranger who doesn’t have an insurable interest in the life of the insured person. In this situation, however, Mr. Cotton’s family members testified that he had intended for the insurance to benefit them. Because the policy was issued in good faith, the trust will end up collecting on the full $5 million.

If you or a family member have become alleged victims of life insurance fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit securitieslawyer.com. Lars K. Soreide will stand up and fight for the rights of consumers.

Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

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