Great News--Southland National Insurance to Liquidate

[scagnt83]

That doesn't sound like he was talking about the guarantees in case of insolvency. Likely just the interest rate guarantee. I am sure a roofer can talk about a 10 year guarantee of a warranty even if it is only going to be honored if the business is still in operation.

FDIC insurance is only honored if the United States still exists. And if the US Treasury approves loans to the FDIC fund when it runs out of money (which has happened many times in US history, but they also do have the right to deny the loan).

At some point, nothing is guaranteed. Context matters.

 

[caryl baff]

My RIA (liar) also told me it was guaranteed by SGA as he knew CDs were the only way I would invest my money, guarnteed.!!

 

[caryl baff]

Does anyone have knowledge if Bankers Life Ins has filed in court as well as Southland Pls reply if so.

 

[scagnt83]

My RIA (liar) also told me it was guaranteed by SGA as he knew CDs were the only way I would invest my money, guarnteed.!!

Then you should consider filing a complaint with FINRA if they used the SGA to solicit a sale.

 

[johnjoe]

Was the comment that it will take years and years for CB life to go to liquidation an emotional response or has someone been able to forecast all the hoops yet to be jumped through to come to that conclusion?
Have to hope that slow wheels of justice won't actually take years. Funny, on a State Guarantee website they are bragging about how they have reduced the time to rehab from years to months.

 

[caryl baff]

Then you should consider filing a complaint with FINRA if they used the SGA to solicit a sale.

 

[caryl baff]

Guess they protect their Own (criminals) FINRA not interested they made some excuse and said I could file but nothing on the other side of response. Useless therefore did not go ahead just more rehashing bad scenario.

 

[Tahoe Ray]

Guess they protect their Own (criminals) FINRA not interested they made some excuse and said I could file but nothing on the other side of response. Useless therefore did not go ahead just more rehashing bad scenario.

FINRA doesn't regulate RIAs. The state and/or the SEC does.

If your advisor has less than 110m under management, they are regulated by the state. If more, then they are regulated by the SEC.

You can make complaints to both (based on fiduciary capacity) and then contact your state DOI since using the SGA in the solicitation of business is a violation of their insurance license as well.

 

[sman]

FINRA doesn't regulate RIAs. The state and/or the SEC does.

If your advisor has less than 110m under management, they are regulated by the state. If more, then they are regulated by the SEC.

You can make complaints to both (based on fiduciary capacity) and then contact your state DOI since using the SGA in the solicitation of business is a violation of their insurance license as well.

I'll add that unless the person filing the complaint has proof the rep promoted the SGA to make the sale, not much is likely to happen. It has to be more than, "the rep told me my funds were protected by the SGA". Of course, I know you know this. I making that point for those who may have hopes they can file a complaint/sue and be made whole. Without documentation (written or recorded), not much any regulatory body can do.

 

[rats0001]

Liquidation case went to judge on 8/31/2021. With this legal system probably 6 month until a decision. Then of course the 2 year appeal process will start.