Colorado Bankers (CB Life)...
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Phyllis, regarding a class action suit, why limit it to people who purchased CB Life annuities through Citizens Bank? There are many more victims, as per this excerpt from an article in WRAL News:
“Martin and Smith are among the roughly 262,000 policyholders in varying degrees of limbo as the North Carolina Department of Insurance, and its team of lawyers and consultants, tries to untangle a complex investment strategy that federal investigators say ties into “a massive fraudulent scheme” involving North Carolina insurance companies.”
My husband and I bought through an investment advisor firm, and, like almost everyone else, even though I asked the questions regarding the safety of the investment, and the state guaranty associations, we did not record the conversation or get an email confirmation of what was said in the meeting.
If anyone knows of anything concrete that can be done against these advisors, or there is a law firm out there that would like to take this on, on behalf of the victims, let us hear from you!
“Martin and Smith are among the roughly 262,000 policyholders in varying degrees of limbo as the North Carolina Department of Insurance, and its team of lawyers and consultants, tries to untangle a complex investment strategy that federal investigators say ties into “a massive fraudulent scheme” involving North Carolina insurance companies.”
My husband and I bought through an investment advisor firm, and, like almost everyone else, even though I asked the questions regarding the safety of the investment, and the state guaranty associations, we did not record the conversation or get an email confirmation of what was said in the meeting.
If anyone knows of anything concrete that can be done against these advisors, or there is a law firm out there that would like to take this on, on behalf of the victims, let us hear from you!
Somehow you need documentation that he told you you were fully insured, no?? We have 500k in the annuity..
We did this because because the local Citizen Bank branch kept egging us on to do something with the $$. In retrospect we weren't too smart. We had just lost my mom and a sale of our nyc property had just happened. We wanted to do something wise and quickly with the money. Talk is often made about vulnerable seniors and as savvy as I thought my husband and I were....we made a big mistake.
Stephen Round
Expert
- 30
Welcome to our discussion Mary Lou. Sorry to hear you, too, were victimized by Citizens Bank. Hopefully, you are not in the same position as the Christos couple.
Is the $500k broken up into in more than one annuity? As we now know, the "insurance/protection" only covers a max of $250k per depositor.
Luckily, my wife and I have "only" $100k invested. But that is a very large chunk of our retirement "nest egg". Like you, we were told this was a very "low risk" investment.
That amount varies by state.
Stephen Round
Expert
- 30
Thank you, Tahoe. I believe Rhode Island, Connecticut and Massachusetts are $250K. I'm not sure about other states...
Phyllis Christos
Expert
- 49
Phyllis Christos
Expert
- 49
I certainly don't mean to exclude anyone from joining a widescale effort to expose this situation and try to get some action here... for ALL of us victims.
I am open to anything! Let's band together! Lets have a zoom call! Somebody start a social media blast! Is everyone submitting online complaint forms with their individual state consumer protection agencies? Also FINRA?
I am sending an email to the Wall Street Journal reporter later today with names and email addresses of about 6 people in 5 different states who have reached out to me through this thread.
Thanks to Allen Trent for posting the facebook link to the attorney who is starting a suit of some kind on behalf of us victims.
Thanks to Stephen Round in CT for reaching out to them -- and please let us know if it sounds promising.
The bottom line is this latest appeal is a HUGE problem -- because it is further delaying the ability of the SGA's to start their process....which means none of us get anything....
How is it possible this criminal Greg Lindberg has so many rights to keep appealing the judges decisions??
I simply don't understand why the rights of the victims in this case are being denied and squashed over and over again.
Why can't more pressure be put on the courts to stop this nonsense and get the liquidation order enforced??
Making matters worse is the fact that the Kroll website is still down.... and the promised "accumulated interest" payments seem like just another scam rather than any kind of REAL relief for the victims.
I am open to anything! Let's band together! Lets have a zoom call! Somebody start a social media blast! Is everyone submitting online complaint forms with their individual state consumer protection agencies? Also FINRA?
I am sending an email to the Wall Street Journal reporter later today with names and email addresses of about 6 people in 5 different states who have reached out to me through this thread.
Thanks to Allen Trent for posting the facebook link to the attorney who is starting a suit of some kind on behalf of us victims.
Thanks to Stephen Round in CT for reaching out to them -- and please let us know if it sounds promising.
The bottom line is this latest appeal is a HUGE problem -- because it is further delaying the ability of the SGA's to start their process....which means none of us get anything....
How is it possible this criminal Greg Lindberg has so many rights to keep appealing the judges decisions??
I simply don't understand why the rights of the victims in this case are being denied and squashed over and over again.
Why can't more pressure be put on the courts to stop this nonsense and get the liquidation order enforced??
Making matters worse is the fact that the Kroll website is still down.... and the promised "accumulated interest" payments seem like just another scam rather than any kind of REAL relief for the victims.
