10% Penalty on Annuity

[Julieolo]

Securities or Insurance Fraud.

Thank you DHK

It is still going to be your word against his. He's going to say that is what you told him. And if he is smart he will have notes in his file to support that claim.

Now, I'm not saying this to to say you are wrong or to stop you, but simply to prepare you. Hopefully your attorney will let you know the same. And an attorney will have a much better idea of the merits of your case and the likelihood of success.

I have already thought about that. He has already told the DOI that he did tell me about the 10% penalty fees. He has no choice but to lie now. But what would my motive be for lying and what would his motive be for lying? Maybe I am wrong but it would seem obvious to me who is lying.

I have to try to do something.

1. If I do nothing I lose money.
2. If I pull the money out, I lose money.
3. If I hire a lawyer I lose money.

Number 1 is the best option as I lose the least amount of money. But that does not take in to consideration the loss of sleep, and the stress. And it will go on for a full 7 years before it is over.

 

[Julieolo]

By falsifying the information on the Client Profile Sheet he also lied to AIG.

I hope they at least consider that.

 

[VolAgent]

By falsifying the information on the Client Profile Sheet he also lied to AIG.

I hope they at least consider that.

Only if they believe he lied. I'm not able to see any of this and you are the only one sharing details about it, so we only have your version to go by.

If you truly believe he falsified the form and has lied to the DOI and AIG, then go after him. If you have a strong case, you may find an attorney willing to do it on contingency or for a reduced rate. Or you may not.

 

[Norwayguy]

This is the only reason I liked my B/D having the suitability form signed by the client

 

[pfg1]

As mentioned, he will likely say you told him that was your income (and whatever else is falsified).

But I agree, you were basically an uninformed consumer when he was selling you this product --- what motive would you have to lie about all these things on the fact finder? What would he?