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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