Articles Posted in Insurance Fraud

James Torchia, Credit Nation Capital, LLC, Credit Nation Acceptance, LLC et. al. – Boca Raton, Florida Unregistered Promissory Note and Life Settlement Contract Securities Fraud State and Federal Litigation Attorney

Securities and Exchange Commission v. James A. Torchia et al., Civil Action No. 1:15-cv-03904-WSD (N.D. Ga., filed November 10, 2015)

SEC Announces Emergency Action to Halt Ongoing Investment Fraud Involving Promissory Notes and Life Settlement Contracts

Annuity and Insurance Fraud and Misrepresentation – Elder Financial Abuse and Exploitation Litigation and Arbitration Attorney:

SEC Charges Four Insurance Agents in Securities Fraud Targeting Elderly Investors

The Securities and Exchange Commission recently announced charges against four insurance agents for unlawfully selling securities in what turned out to be a multi-million dollar offering fraud targeting elderly investors.

Equity Indexed Annuities – Boca Raton, Deerfield Beach, Lighthouse Point, Delray Beach and West Palm Beach, Florida Annuity Twisting and Fraud FINRA Arbitration and Litigation Attorney:

An equity indexed annuity is a fixed annuity, either immediate or deferred, that earns interest or provides benefits that are linked to an external equity reference or an equity index.  The value of the index might be tied to a stock or other equity index.  One of the most commonly used indices is the Standard & Poors 500 Composite Stock Price Index, which is an equity index.  The value of any index varies from day to day and is not predictable.  When you buy an equity indexed annuity you own an insurance contract.  You are not buying shares of any stock index.

Please keep in mind that the above information is being provided for educational purposes only.  It is not designed to be complete in all material respects.  Thus, it should not be relied upon as providing legal or investment advice.  If you have any questions concerning the contents of this post, you should contract a qualified professional.

FAQ’s that should be asked to your insurance agent, account executive or company prior to considering the purchase, exchange or sale of a deferred annuity. 

There are a series of basic questions that you should ask your agent or company when considering deferred annuities.  This list is not designed to be complete in all material respects.  It is being provided as a general guide.  Thus, it should not be relied upon as legal or investment advice.

  • Is this a single premium or multiple premium contract?

Boca Raton, Delray Beach, Lantana, Lake Worth, West Palm Beach and Jupiter, Palm City and Stuart Florida Senior, Elder and Retirement Financial Abuse and Probate FINRA Arbitration and Litigation Attorney:

FAQs – Annuity:

An annuity is a contract in which an insurance company makes a series of income payments at regular intervals in return for a premium or premiums you have paid. Annuities are most often bought for future retirement income. Only an annuity can pay an income stream that can be guaranteed to last as long as you live.

Florida Variable Annuity Fraud and Elder, Senior and Retirement Financial Abuse and Exploitation FINRA Arbitration, Litigation and Probate Estate Attorney:

SEC Announces Charges Against Brokers, Adviser, and Others Involved in Variable Annuities Scheme to Profit From Terminally Ill

The Securities and Exchange Commission recently announced enforcement actions against a pair of brokers, an investment advisory firm, and several others involved in a variable annuities scheme to profit from the imminent deaths of terminally ill patients in nursing homes and hospice care.

South Florida Broker/Dealer and Account Executive Negligent Supervision, Forgery and Unauthorized Activity FINRA Arbitration, Litigation and Probate Estate Attorney.

The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.

The monthly disciplinary information is referenced on the FINRA site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:

South Florida Broker/Dealer and/or Account Executive Negligent Supervision, Selling Away and Unapproved Outside Business Activity FINRA Arbitration, Litigation and Probate Estate Attorney.

The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.

The monthly disciplinary information is referenced on the FINRA site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:

Elder, Senior and Financial Abuse and Exploitation FINRA Arbitration, Litigation and Probate Estate Attorney, Russell L. Forkey, Esq.

Extent of Elder Abuse Victimization:

We have been focusing recently or our website, www.forkeylaw.com and on this blog about various issues relating to elder, senior and retirement financial abuse and exploitation.  This post is designed to provide some statistics which reflect the growing problems in this area of senior life.

Hybrid Senior, Elder and Retirement Financial Abuse and Exploitation Arbitration, Litigation and Probate Estate Attorney, Russell L. Forkey, Esq.

Hybrid financial exploitation.

 It has been determined that a relatively unrecognized situation, referred to as hybrid financial exploitation, arises when financial exploitation co-occurs with physical abuse and/or neglect.  These cases typically involve financially dependent family members, particularly adult offspring, who have been cared for by the elderly person for years , if not decades.  The abuse suffered by these elderly victims is frequently longstanding.  Over time, however, as the elderly person’s health declines and the elderly person becomes more socially isolated, often as the result of the death of a spouse, the elderly person increasingly becomes more dependent on another family member for care, resulting in a mutual dependency, albeit with each member of the dyad experiencing a different type of dependency.  Although sharing some features in common with physical abuse and neglect, hybrid financial exploitation cases are unique in many ways and tend to result in worse outcomes for elderly victims than result from other forms of elder maltreatment.  These outcomes may be attributable to the additional stress associated with the financial loss that is experienced.

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