Insurance Salesman Charged With Allegedly Bilking $4 Million From Seniors in ‘Free Lunch’ Scam
December 23, 2019 by A.M. Best
BOSTON – An insurance salesman is accused of bilking $4 million from retirees and seniors he invited to “free lunch” seminars during which he allegedly advised them to cash out their savings to buy insurance policies through his company, authorities said.
Ryan Skinner, of Summit Financial Partners and Summit Financial Ptrs Inc., has been charged with acting as an unregistered investment adviser, according to an administrative complaint filed by Massachusetts Secretary of State William Galvin.
Skinner is not a registered investment adviser, representative or broker-dealer agent, it said.
“Respondents’ modus operandi is to entice residents of the commonwealth, especially seniors, to attend ‘free lunch’ workshops where Skinner convinces the attendees that he can provide advice to help them maximize their Social Security and retirement income,” the complaint said.