Colorado Bankers (CB Life)...

[Allen Trent]

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?

incompetence or ignorance isn't misrepresentation. you have to realize this isn't an ongoing company using established employees to conduct business they have years of knowledge or experience with. This is essentially a start-up business with new employees trying to administer something that has no defined parameters that can change daily as the orders/administration changes by the day or even hour.

 

[rats0001]

I called them the other day and the clerk who answered the phone said CBLife has no employees. They have a 3rd party that administers the policies, and Kroll calls them to find out the amount to pay, monthly.
I asked who is managing the portfolio of assets that are worth something, not the affiliated(stolen) assets that are worthless? The clerk didn't know, but said probably no one. I find that hard to believe. If true then is really worthless, so lets just proceed to liquidation.
Anybody see the pictures of Lindberg yacht? My money and yours bought him a very nice one.

 

[Mary Lou]

So are we talking an individual lawsuit or a class action lawsuit against Citizens Bank? I understand that they have A LOT of people who are involved in this fiasco.

What I need is a list of potential claimants who were sucked into this in 2017 and have BIG $$$$$$ tied up.

Do you have a suggestion on how to start compiling a list of Citizens Bank customers affected by this? I know there are a few following this discussion right now...
Then all we need is a lawyer willing to take on the case.

So… my husband and I are in this group. Getting the 2 annuities through Citizens Securities Remember agent saying it was safe but I just wasn’t thinking / nor my husband , that he told us about a guarantee if there was a problem. He didn’t say that. Citizens Bank kept telling us to do something with our money. Our investment is $500, 000. We are both 75 now. Seems the agent should have split it so we would have states guarantee but I have read that the agents don’t talk about that. I am still in that “ what were we thinking “ phase. I had hoped to help a great niece with college.I am going to try to read more discussion in these threads. Ths Ms for all the info you are sharing. I’m

 

[Mary Lou]

I called them the other day and the clerk who answered the phone said CBLife has no employees. They have a 3rd party that administers the policies, and Kroll calls them to find out the amount to pay, monthly.
I asked who is managing the portfolio of assets that are worth something, not the affiliated(stolen) assets that are worthless? The clerk didn't know, but said probably no one. I find that hard to believe. If true then is really worthless, so lets just proceed to liquidation.
Anybody see the pictures of Lindberg yacht? My money and yours bought him a very nice one.

I went on Twitter and saw the boat and info about a book he wrote in jail. It’s all so disgusting. He’s such an opportunist.

 

[scagnt83]

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?

You get $17k per year, on a monthly basis.

It sounds like it was just worded poorly.

 

[scagnt83]

Seems the agent should have split it so we would have states guarantee but I have read that the agents don’t talk about that.

Yes, it should have been split up with a carrier at that rating.

Informed agents do it. Uninformed agents do not.

No reason for an agent not to if they are fully informed, they get paid the same either way.

Bank agents/advisors are essentially the McDonalds of financial services.

Perhaps they were tying to hit a breakpoint to get a slightly better rate with the larger amount of assets. But doing so with a low rated carrier is not a safe bet for the client.

 

[Dan T]

What a joke, here is my letter, I actually i get 1364.00 a month for 5 months
Then it goes to 1%

 

[scagnt83]

What a joke, here is my letter, I actually i get 1364.00 a month for 5 months View attachment 8811
Then it goes to 1%

That is an awful way to word how it is paid.

Dan T, this is not financial advice, and you need to speak with an accountant to determine the tax status of those payments; if it were me receiving the payments, I would set up a brand new bank account strictly for those payments, I would not "co-mingle" the funds with my other checking/bank accounts.

This not only allows you to completely and without question track what you have received and when. But it also makes sure any accumulated interest paid by the bank once in the account, is not co-mingled with other funds.

When the accountant (preferably a CPA) determines the correct tax status of the funds. You can then transfer the entire account to whatever financial vehicle you choose for those funds. It will be completely clean and there will be no calculating needed for any reason to determine what amount are the payments and what amount are your other funds. It keeps it clean.

Like I said, not financial advice, but its what I personally would do. Separate account. Even if I needed the money to live n and planned on spending it all as it came in, I would put it in a separate account and spend it from there. I would not transfer it to my other bank accounts. At least not until a determination is made on the tax status of the funds.

Not financial advice to anyone. Just what I personally would do.

Also, the IRS has "taxpayer advocates" that help citizens deal with tax issues. You could contact them to see if they could help provide tax guidance regarding the payments you receive. You can call your local branch to speak with them or set up a meeting. (it might be an online appointment thing now these days, idk)

 

[rats0001]

Too bad the WSJ article didn't focus on the lack of interest by the NCDOI to move things along on a more rapid pace. You can't negotiate with a liar who will litigate everything. Still no court date that I've seen for the appeal of the liquidation order, its been more than 3 months. Where is the next 10% withdrawal going to happen? This will never end.

 

[rats0001]

These monthly payments are all interest, no basis being paid, for non qualified contracts, 100% taxable. Since these are post TEFRA policies all payments come out as interest first, LIFO basis. IRA's etc I don't know, and never looked into it because mine is non qualified.