Agent Arrested and Convicted for Selling an Annuity.

[CALTCAgent]

If I read it correctly, any agent that waltzes into the BANK where the money is in a CD instructing them to cut a check to the INSURANCE COMPANY is really not in his right mind.

I'm not sure it deserves jail time, but that is a profound lack of judgment. It BEGS trouble... and he got it.

I didn't read it, why can't we go into a bank? (not that I would)

 

[pcbinsurance]

That has coercion written all over it.

 

[Larry Tew]

I didn't read it, why can't we go into a bank? (not that I would)

Assuming I read it correctly... picture this. An agent goes into a bank with the bank's 80 year old customer. The agent and customer sits down a bank CSR. The agent tells the CSR that their 80-year old customer (who's sitting right there) want to cash out a 6-figure CD and would like the check made payable to Allianz LIFE INSURANCE CO.

Legal? Yes. Smart? You decide.

I would have let the client / bank customer cash out the CD on her own and deposit the money in her checking account, then write a check to the insurance company for the annuity - assuming the whole thing passed the smell test / suitablity.

Financial institutions (banks, insurance cos, etc) all live and die by a few rules, the main one being that they want our money, they want to hang on to it as long as possible, they want to pay us the least amount possible for its use, and they want to give it back to us as slowly and drawn out as possible.

 

[Arthur Rudnick]

originally posted by larry tew

Assuming I read it correctly... picture this. An agent goes into a bank with the bank's 80 year old customer. The agent and customer sits down a bank CSR. The agent tells the CSR that their 80-year old customer (who's sitting right there) want to cash out a 6-figure CD and would like the check made payable to Allianz LIFE INSURANCE CO.

Larry,
It wasn't the agent who showed up at the bank. It was Lou, Fran's domestic partner.

Think we'll hit 50,000,000 posts?

 

[VolAgent]

Assuming I read it correctly... picture this. An agent goes into a bank with the bank's 80 year old customer. The agent and customer sits down a bank CSR. The agent tells the CSR that their 80-year old customer (who's sitting right there) want to cash out a 6-figure CD and would like the check made payable to Allianz LIFE INSURANCE CO.

Legal? Yes. Smart? You decide.

I would have let the client / bank customer cash out the CD on her own and deposit the money in her checking account, then write a check to the insurance company for the annuity - assuming the whole thing passed the smell test / suitablity.

Financial institutions (banks, insurance cos, etc) all live and die by a few rules, the main one being that they want our money, they want to hang on to it as long as possible, they want to pay us the least amount possible for its use, and they want to give it back to us as slowly and drawn out as possible.

I'll change and condense this...

When you take revenue/assets away from someone, don't go rubbing their nose in it. If they can, they will always make you pay for it.

 

[CALTCAgent]

Assuming I read it correctly... picture this. An agent goes into a bank with the bank's 80 year old customer. The agent and customer sits down a bank CSR. The agent tells the CSR that their 80-year old customer (who's sitting right there) want to cash out a 6-figure CD and would like the check made payable to Allianz LIFE INSURANCE CO.

Legal? Yes. Smart? You decide.

I would have let the client / bank customer cash out the CD on her own and deposit the money in her checking account, then write a check to the insurance company for the annuity - assuming the whole thing passed the smell test / suitablity.

I didn't think Glenn went into the bank. I thought Lou did though.

 

[Dave020]

Read it again. He called the bank while Lou and Fran were on there way over there and told them to cut the check and if they delayed or interfered he would report the bank to the DA or other authority. He basically threatened the bank on the phone before Lou and Fran showed up there.

 

[Larry Tew]

Read it again. He called the bank while Lou and Fran were on there way over there and told them to cut the check and if they delayed or interfered he would report the bank to the DA or other authority. He basically threatened the bank on the phone before Lou and Fran showed up there.

I stand corrected on him going into the bank. But that phone call was worse. Terrible judgment.

 

[CALTCAgent]

Read it again. He called the bank while Lou and Fran were on there way over there and told them to cut the check and if they delayed or interfered he would report the bank to the DA or other authority. He basically threatened the bank on the phone before Lou and Fran showed up there.

Not a great way to make friends.

 

[hardworkwillwin]

Read it again. He called the bank while Lou and Fran were on there way over there and told them to cut the check and if they delayed or interfered he would report the bank to the DA or other authority. He basically threatened the bank on the phone before Lou and Fran showed up there.

Dave I didn't testify first of all.. Lou called me from the bank, and he had me talk to the manager as they were getting a hard time moving the money.I believe I was put on "hold" until manager came to the phone. It may of appeared to the bank manager I called her which is completely false.