Variable Annuity Contract Theft

Stockbroker Law - Friday, October 28, 2011
Variable Annuity Contract Theft

In the past several years, a number of criminal, regulatory, and civil claims have been filed by victimized investors, who have had monies and assets fraudulently diverted from their variable annuity contracts.  Oftentimes, these variable annuity contracts are held in Individual Retirement Accounts and individual retirement annuity accounts maintained by trusting, unsophisticated investors, who are easily preyed upon by their trusted financial advisors.   


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Former Hartford Life Insurance Company and Nationwide Life Insurance Company Appointed Agent Matthew Ryan Sentenced to 10 Years in Prison for Securities Fraud Involving Theft from Variable Annuity Contracts

Stockbroker Law - Friday, October 28, 2011
Former Hartford Life Insurance Company and Nationwide Life Insurance Company Appointed Agent Matthew Ryan Sentenced to 10 Years in Prison for Securities Fraud Involving Theft from Variable Annuity Contracts

On Wednesday, October 13th, Matthew John Ryan, a former Appointed Agent for The Hartford Life Insurance Company and Nationwide Life Insurance Company, was sentenced to 10 years in prison for his guilty plea relating to the theft of variable annuity contract assets transferred into his control from Hartford and Nationwide variable annuity contracts.  Ryan admitted creating fictitious companies to steal variable annuity contract assets from his customers who held variable annuity contracts issued by The Hartford and Nationwide. 


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Variable Annuity - A License to Steal? Unsafe at Any Speed?

Stockbroker Law - Tuesday, October 11, 2011
Variable Annuity - A License to Steal? Unsafe at Any Speed?

In the past several years, we have seen the theft of millions of dollars of contractual benefits, assets, and coverages from variable annuity contracts issued by prominent, multi-billion-dollar financial services and insurance conglomerates, such as The Hartford and Nationwide Life Insurance Company.  The scheme of the now-convicted felon and Appointed Agent for Hartford Life Insurance Company and Nationwide, one Matthew J. Ryan, exploited numerous weaknesses in the operations, administrative, supervisory, compliance, and securities-related procedures at The Hartford and Nationwide, which went undetected for well over five years. 


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