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Another California annuity trial?

Brian Anderson

With the saga of Glenn Neasham still fresh in the collective memories of annuity producers, another case involving the sale of annuities to seniors in California is now making headlines.

Former California annuity agent Alan S. Lewis is in jail awaiting trial on 29 felony counts of embezzlement, grand theft and burglary related to selling fixed index annuities to seniors, stemming from charges brought by a district attorney who is up for reelection.

Court documents allege that Lewis induced 12 seniors into surrendering IRAs or annuities for a “less favorable” annuity, causing the seniors to lose more than $300,000 in surrender penalties.

Forum members have been quick to chime in with their thoughts on another provocative case that could impact how annuities are sold in the Golden State, including whether or not the DA ought to be involved at all.

“Just because compliance approved it does not mean he did not commit twisting or churning,” said one member. “Whoever approved the transactions should face punishment as well. But this seems more a case for the DOI than the State’s Attorney.”

Some members noted the hostile environment toward selling annuities to seniors in California, and the irony of the “burglary” charges stemming from some of the meetings being held in the homes of the seniors.

Have you weighed in on this case yet?



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