Phyllis Christos
Expert
- 49
Colorado Bankers (CB Life)...
- Thread starter FETalk
- Start date
Phyllis Christos
Expert
- 49
Boston Police were called by the Citizens Branch employees who didn't much care for my husband speaking the TRUTH today out in front of their operation. Les will be back there next week and let's hope for more police activity and plenty of bright lights starting to shine on this situation..... We can't have bank employees (so called financial advisors) lying to and stealing from unsuspecting customers in United States of America. This needs to be exposed and these people need to be stopped....NOW!
- 11,475
Lying? Maybe. You'd need more evidence that they knew this was going on in advance.
Stealing? Not if they funded the annuities they said they did. They did not pocket the funds to be invested. Therefore the thought of 'theft' or 'embezzlement' is not an appropriate charge to make.
Did they make fraudulent or misleading statements in the sale of these contracts? Perhaps... and that's the only charge that can stick in a possible complaint.
Of course, this is not legal or compliance advice.
Phyllis Christos
Expert
- 49
The lie is that they said the money was fully protected (up to 500K) by the State Guaranty Association as long as 2 owners were listed on the policy. That is, they told us we were EACH covered for 250K. That's the lie.
If you had two separate contracts you both would have likely still been protected and the agent would have made the same money.
That sounds more like someone not knowing what they're talking about (and talking about something that they shouldn't have been in the first place) than a lie.
- 10,724
That will put a dent in that branch's annuity business for sure... !!
- 10,724
The act of lie vs. error often lies in the eye of the beholder. But it comes down to intent.
Either way, untruths were told.
Inaccurate information was given.
And considering this was a true bank environment, the employee was likely just repeating what they were told by management to say and do.
And SOMEONE within the bank should have known how SGA protection works, and how financial ratings work.
The issue of "lying" is not about receivership so much, its about them being told it was covered by SGA when it wasnt, and that CB Life was a "top rated carrier" when it was not.
Someone else claimed they were told by Citizens that nobody has ever lost money in an annuity... another untruth, regardless of intent.
Either way, untruths were told.
Inaccurate information was given.
And considering this was a true bank environment, the employee was likely just repeating what they were told by management to say and do.
And SOMEONE within the bank should have known how SGA protection works, and how financial ratings work.
The issue of "lying" is not about receivership so much, its about them being told it was covered by SGA when it wasnt, and that CB Life was a "top rated carrier" when it was not.
Someone else claimed they were told by Citizens that nobody has ever lost money in an annuity... another untruth, regardless of intent.
- 17,053
If you have proof of that you can easily win a suit against the bank. I don’t doubt that they told you that. If enough people have the same story it seems like a lawyer would take that case.
What about the March 1 letter or the accumulated interest letter, total misrepresentation of the facts… mine says you are eligible to receive approximately $17,000 on a monthly basis beginning approximately one month after the election.. the website says the letter meant to say that is for an annual amount. who’s driving this clown car?
