Moshe Marc Cohen, a former Woodbury Financial Services New York broker, allegedly participated in a scheme to profit from the death of terminally ill patients through variable annuity sales. A U.S. Securities and Exchange Commission judge ruled on Wednesday that Cohen must return $768,000 in commissions according to a recent article in Reuters.
The SEC alleged that Cohen deceived Woodbury to obtain approval to sell the annuities as part of a scheme designed by a former Los Angeles-based Morgan Stanley broker, Michael Horowitz. Horowitz reached a $850,749 settlement in which he admitted wrongdoing.
A variable annuity is an investment designed to help retirees maintain a source of income. Another common practice is the death benefit which the insurer pays the policyholder's beneficiary in some instances. Allegedly, Cohen falsified information on the forms his firm used to review whether the annuity was a suitable investment for the clients, who were hospice patients. This took place in 2008 and the SEC filed the complaint in 2014. Cohen was fired by Woodbury in 2008.
If you or a loved one have experienced investment losses due to your stock broker/ financial advisor’s recommendations of variable annuities, call the Soreide Law Group for a free consultation with an attorney on how to potentially recover your annuity losses: 888-760-6552.
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