Agent Arrested and Convicted for Selling an Annuity.

[bobson]

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.

Does that even make sense? I don't know a single agent that would do something like that. I don't believe it happened like that.

 

[djs]

Doesn't really matter if it makes sense, its apparently in the record of what happened, at least according to the bank manager.

A lot of this case doesn't make sense.

Dan

 

[Norwayguy]

1 simple thing would have stopped all of this from happening and that is if Glenn had sent the bank a transfer form instead of sending the client. The bank would not have questioned compentancy from a form and no investigation would have been started.

 

[insuranceagencytx]

I agree with bobson. It seems a little far off to have happened that way..What's the real story?

 

[Larry Tew]

Its the same as using doctors records for underwriting purposes imo.

I have had requests from carriers before for doctors statements to clarify certain things in a clients medical history. Seems like the same thing to me..

Doctors testify in court and in depositions all the time as to a persons mental competency. Not any different in this situation. Plus they get to bill the client/HI for the visit to get evaluated for competency.

Sure, IF the doctor actually conducts a full-blown mental evaluation. Still, sharing medical records through an APS is one thing, making an interpretation and sharing an opinion on one's mental health is another.

Another thing is that I envision this request for mental competency being mainly directed at one's general family doctor, who is not licensed as an expert in mental health.

How many clients would subject themselves to a complete psychological / mental evaluation in order to buy an annuity? I bet not many.

The difference to me is asking a doctor for actual data from medical records versus asking them to put their name on an opinion of their patient's mental standing.

The best defense in this case is to INSIST on having family members involved in the process, not a live-in boyfriend.

 

[tlmarketing]

I would be surprised if a doctor would voluntarily sign that statement. It would open themselves up to liability if something happens.

I thought that too...but they do! Just saw case where insured, as well as 2 trustees had to get that exact letter signed by doctor...3 doctors, all signed with no problem.

 

[Larry Tew]

I thought that too...but they do! Just saw case where insured, as well as 2 trustees had to get that exact letter signed by doctor...3 doctors, all signed with no problem.

Hmm. Interesting.............

 

[Guest]

Anyone know what Glenn is doing for a living now that he doesn't have his license?

 

[hardworkwillwin]

I've said it before, and I'll say it again. There is more to this story than has been presented here. Ineffective counsel may be true, but I don't think that is what caused the conviction and my guess is wouldn't be successful on an appeal, at least I would hope not (or everyone would appeal based on their lawyer).

If you would like a little bit of the other side of the story, read the DOI complaint. This is public record:
http://www20.insurance.ca.gov/ePubAcc/Graphics/170676.pdf

Now, I'll also continue to say that while Glenn missed several yellow and even a few red flags in this case, I'm not sure I wouldn't have as well. Its much easier to look back and Monday morning quarterback than it is during the process.

Of course, I do have some concerns over the way he presented the 1st year guarantee. I would not have had it plastered on the front of my office. Look at page 6, lower right corner.
http://www.lakeportchamber.com/docs/newsletter-58.pdf

The bottom line of all of this is be careful of what you write down for the client during ANY sales presentation.

Dan

Dear DOI,
First of all the"Ben Franklin Balance Sheet" is not designed to show the pro's of the product, or service being improved/replaced.The FDIC guarantees,annuity guarantee's etc. are covered during the presentation.
Lou in this case brought up the FDIC during presentation. Nothing is ommited from presentation.They got all the pro's, and con's of both opportunities.This "Ben Franklin balance sheet" is only a portion of the presentation.My whole presentations takes about two hours.I cover everything.
The $140.00 represented the legal reserve of Allianz vs the reserve for the FDIC.Again client did know of the FDIC guarantees.Your lack of information is inaccurate.

 

[VolAgent]

Reminds me of something another agent once told me.

If you write anything down during a meeting, make sure you take it with you. If it is later found, it definitely will be used against you.