Variable Annuity Ponzi Schemes

Stockbroker Law - Tuesday, February 22, 2011
Variable Annuity Ponzi Schemes

Most recently, we have seen a number of separate schemes involving the fraudulent transfer of monies out of legitimate individual retirement annuities and variable annuity-type accounts into a bogus corporation. 

In such a scheme, the sales agent appointed by the respective insurance companies has exploited weaknesses in the supervisory, compliance, managerial and administrative systems at the brokerage firms and insurance companies involved, transferring millions of dollars for his own personal gain, without detection.

 

If you feel your monies have been embezzled or otherwise wrongfully transferred in such an embezzlement scheme, we look forward to providing you with a free initial consultation.

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