Top Tales Of Annuity Advisors Gone Wrong
December 27, 2016 by Cyril Tuohy
As we wind down 2016, we take a look back at annuity advisors who did no favors for their clients and found themselves in trouble with the law.
Churning Up Trouble
A practice known as “churning” led to a 10-year state prison sentence for Joseph Anthony Mele, 31, of Ventura, Calif. Mele pleaded no contest to multiple felony counts including financial elder abuse, grand theft and embezzlement, authorities said.
Mele gained the trust of two elderly victims, ages 93 and 74, and acted as their “financial planner,” according to the California Department of Insurance. Then he bought, sold and repurchased long-term annuities without their knowledge.
Click HERE to view the full story via INN; subscription required