NYC man with dementia coaxed into bad $2M investment by trio of brokers before jumping to his death: lawsuit
December 10, 2024 by Kathianne Boniello
An Upper West Side man with dementia leapt to his death this summer — partially severing his foot along the way — after being convinced by a trio of financial advisors to buy $2 million worth of annuities he’d never be able to recoup, his widow said in a lawsuit.
Jay Jacobson’s condition “made him particularly erratic and unstable in the final stages of his life” and unable to manage his finances, Joan Jacobson said in court papers.
Click HERE to read the full story via NY Post
Wink’s Moore on the Market: Quite possibly the most tragic thing I have heard about, involving annuities.
This gentleman was sold $2 million in annuities.
He apparently had dementia at the time of purchase.
He was convinced that he wouldn’t get his money back in a reasonable amount of time, so…
He leapt to his death.
The widow is only suing for $2 million in damages. Earnestly, I would be asking for much more.
There is just not enough information in this article to know the specifics, but many annuities let the client annuitize the contract, without applying surrender charges. I was shocked to read that the annuities did not have death benefits; not sure what type of annuities they were, but definitely not MYGAs, fixed annuities, or indexed annuities.
What a tragedy. -sjm
