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General Annutiies Fraud News

Annuities Fraud on the Rise

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At a glance:

This article gives some examples of how unscrupulous high-pressure salespeople influence clients, particularly the elderly, to buy financial products that are ill-suited to their needs. 
 
The motivation is commission, which is especially lucrative for annuities; however for the elderly, annuities are often not a good investment because of their terms and penalties and fees. 
 
The article sidebar has more information on what annuities are, and how to protect yourself from fraud.

Some annuities may benefit salesmen more than retirees

The News Journal - 5/22/2006 3:39 AM

Maydeen Tharp wanted a living trust. She wound up buying a $230,000 annuity.
 
Tharp, a widowed homemaker, had invited an insurance man to her home in Upland, Calif., to get her estate in order. The salesman shifted the conversation to annuities, and she eventually agreed to move the bulk of her retirement savings into an annuity
 
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