Insurance Department Announces Restitution for Consumers in Major Annuity Scam
September 3, 2019 by Contributor
Insurance Commissioner Jessica Altman recently announced her department has gotten more than $117,000 in restitution for 25 Pennsylvania consumers victimized in a major annuity scam.
“I am pleased we were able to recover this money for Pennsylvanians, many of them elderly, who were taken advantage of by two licensed insurance agents,” Altman said. “These agents convinced consumers to replace annuities they had previously purchased with new ones, resulting in sometimes large surrender charges on the original annuities, and the money being tied up for several more years.”
The agents, Donald L. and Nicole P. Gilberg, acting as a husband-wife team, made more than $136,000 in commissions on these inappropriate annuity sales. Both agents’ insurance licenses were revoked after an extensive investigation by the Insurance Department.