NYS Retirees Fall Prey to Annuity Fraud . . .

Stockbroker Law - Tuesday, November 26, 2013
NYS Retirees Fall Prey to Annuity Fraud . . .

. . . and Improper Transfer of Monies from Deferred Compensation Plans

Over one million New York State retirees are participants in the New York State Deferred Compensation plan, an employee self-funded common account which supplements New York State retirees’ participation in existing New York State Pension Plan (i.e. Tier 1, Tier 2, Tier 3, Tier 4, etc.).  There is currently over 25 billion dollars in the combined existing accounts maintained for the benefits of current and former employees of the State of New York with the New York State Deferred Compensation Plan, and New York State offers a generally balanced mixed with various fund and investment options for investment.

Unfortunately, unscrupulous stockbrokers, investment advisors, and scam artists have been targeting New York State retirees who have New York State Deferred Compensation Plans, suggesting the withdrawal of these monies from these plans for investment into riskier and oftentimes illicit investment vehicles, including life settlement and viatical contracts, private placement investments, fraudulent stock schemes, bogus notes and investments, and other improper and unsuitable securities.  These same unscrupulous operators often suggest the transfer of monies from the existing New York State Deferred Compensation Plan without consideration of the tax consequences, tax penalties, and other factors which can have devastating financial costs to New York State retirees.

If you are a participant in the New York State Deferred Compensation Plan and feel you have been victimized by an unscrupulous financial advisor, we offer a free initial consultation to assess your claim.

The Law Offices of Timothy J. O’Connor is one of the only law firms practicing securities law in the Tri-City Capital District of Albany, Schenectady and Troy.  We also represent victimized investors throughout the rest of New York State, including Buffalo, Binghamton, Syracuse, Watertown, Utica, Kingston, New York City/Manhattan, Long Island, and everywhere in between, as well as in the surrounding states of Massachusetts, Vermont, New Hampshire, Connecticut, and New Jersey.

 

 
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