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General Annutiies Fraud
& Related Newswire
6/21/2006 1:09:00 AM | Florida Releases Its Annual 'Top-10 Fraud List' 
=(0) The "Top 10 Fraud List" released each June by the Florida Department of Financial Services outlines the largest cases of fraud successfully prosecuted in the state that year. The release coincides with the state Insurance Fraud Prevention Week. This year's honorees include a doctor who overprescribed pain medications, resulting in some de...
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6/20/2006 11:07:00 AM | Class Action Complaint Filed for Bank of America Trust, Estate and ... =(0) The Bank of America is facing a class action lawsuit by investors in their fiduciary accounts. The allegation is that the Bank preferentially purchased its proprietary Nations and Columbia funds for accounts, even though other funds were available that had better returns and lower fees. Further, the suit alleges that the prospectus' for Nations and...
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6/14/2006 3:01:00 AM | New York Teachers Union Settles Retirement Probe =(0) A New York State teachers' union has settled with the NY Attorney General over claims it encouraged its members to invest in annuities that had high fees, and received payment from the insurance company ING for doing so. The union will pay costs of the investigation, disclose its endorsement deals, hire independent advisors for its members to ...
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6/14/2006 2:27:00 AM | Pension funds sue companies, cite backdated stock options =(0) Pension funds worldwide have begun suing individual companies over the dubious practice of backdating stock options. While not entirely illegal, the practice must be fully disclosed and accounted for, and in many cases under investigation, the backdating is suspected to be illegal. About forty US companies are now under scrutiny in this newest corp...
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6/9/2006 5:36:00 AM | US state accuses ING units of fraud =(0) The State of New Hampshire has accused two subsidiaries of the ING Group of fraud and improper trading with regard to mutual fund trades in the state retirement plan. The company allegedly engaged in "market timing" practices which serve to enrich the traders but have a negative effect on the value of the funds. Other accusations are fail...
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5/26/2006 1:50:00 PM | Suit to benefit Clinic =(0) The State of Wisconsin has received a settlement of nearly $800,000 as the result of a lawsuit against TAP Pharmaceutical Products Inc, the makers of the anti-cancer drug Lupron. TAP was found to have inflated prices for the drug, thus defrauding Medicare and Medicaid, other insurers and patients who pay portions of the cost. Some crimina...
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5/26/2006 3:44:00 AM | Hercules ordered to revise payments =(0) A judge has ordered chemical company Hercules Inc. to recalculate retirement benefits for some retired pensioners. This is part of a class-action lawsuit against the company by retirees who claim it illegally changed the interest rate used in some calculations of lump sum payment benefits owed. The remainder of the lawsuit has yet to be t...
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5/24/2006 12:37:00 PM | NC Lawsuits Accuse Calif. Insurance Provider of Fraud =(0) The Attorney General of North Carolina is suing two financial services companies that operate in that state for deceptive practices. Roy Cooper alleges that American Family Prepaid Legal Corp. and Heritage Marketing and Insurance Services Inc. preyed on senior citizens, aggressively selling them financial products that were not suited to their need...
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5/22/2006 3:39:00 AM | Some annuities may benefit salesmen more than retirees =(0) 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 ...
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5/17/2006 8:29:00 AM | SEC Files Fraud Charges against Bilking Broker - =(0) A broker associated with Linsco/Private Ledger Corp. (LPL) in Georgia has been charged with fraud by the SEC and terminated from that company. Dennis A. Martin allegedly forged document signatures and misrepresented investments to clients as an independent contractor to LPL and on behalf of a fictitious company, "First Financial Group". ...
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5/10/2006 3:44:00 PM | The Hartford Apologizes, Pays $20 Million for Fraud in Annuity ... =(0) The Hartford Financial Services Group has settled with the Attornies General of New York and Connecticut over charges of fraud. It has issued an apology and will pay $20 million in fines and restitution. The Hartford acknowledges that it paid brokers for recommending their products, which were not competitively priced, and that these payments ...
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3/24/2006 5:48:00 PM | SEC Background paper: Protecting senior citizens from investment =(0) This article contains information on Security and Exchange Commission efforts to protect senior citizens from investment scams. The aims are education, enforcement, and examination of current practices. It references an SEC website with many useful resources: http://www.sec.gov/investor/seniors.shtml.........
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3/21/2006 8:28:00 AM | Fountain man given 10 years for fraud =(0) An Arizona man was sentenced to ten years in jail for fraud and money laundering after selling fraudulent investments to at least 300 people. The scam involved a so-called charitable gift annuities company but much of the money raised went to gambling and lavish purchases. The scam was discovered in 2001..........
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3/19/2006 6:03:00 AM | Elderly couple win financial-abuse case =(0) This is the story of an elderly California couple who were among many who fell victim to an investment scam. They were taken in by promises of higher returns than they received at their bank, and that the investment was insured. The couple invested their life savings ($85,000) into a pyramid-like scheme and lost it all. They were recently awarded a...
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3/17/2006 6:11:00 PM | Investment Advisor Charged with Fraud =(0) A Utah man was charged with four felony counts of theft and fraud for taking hundreds of thousands of dollars from an elderly widow in an investment scheme. Fortunately she was able to recover most of her savings..........
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3/10/2006 12:41:00 PM | Testimony Begins in Fraud Case =(0) A South Dakota man is on trial for defrauding seniors of $200,000. Victims of this scam claim he took funds and never provided the insurance annuities promised..........
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