It's in the complaint. The promotional/marketing materials had Penn managing partners as testimonials (with attribution).
INN: PennMutual lawsuit article
- Thread starter DHK
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- #12
- 11,544
Ah - got it. I think it's kind of a stretch that "without Penn's endorsement of BOLL, plantiffs would not have chosen to work with him." But an attorney would use the facts of such representations to work in their case's favor. After all, Penn has the big bucks.
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- #13
- 11,544
Just to add this... I am not "D.K." lol.
- 10,997
Im not referring to the PDFs at the end.
Its in the actual charges. They claim Penn worked with the Advisor to co-brand marketing material.
PrivClientSG
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Like many I've hear about this. I did not read the complaint, probably won't, LOL, but from a lot of what I've read, the plaintiff's attorneys are doing a lot of posturing, grandstanding, and throwing everything they can against the wall, in the hopes a lot, or maybe anything, sticks. That doesn't mean I am saying they don't have a valid claim.
However, I for one would like to see advisors, attorneys, or whomever, actually co-brand and co-market with the insurance company. Maybe I will read the complaint, LOL. But I will certainly look at the material.
However, I for one would like to see advisors, attorneys, or whomever, actually co-brand and co-market with the insurance company. Maybe I will read the complaint, LOL. But I will certainly look at the material.
- 10,997
Co-branding is not the issue. The material they co-branded, is the issue.
Setting up multiple charitable organizations purely to provide a tax deduction to the business. Using all of the revenue of that charitable org to buy WL. Somehow flowing that into the pockets of the client for even more tax deductions. Using existing assets as collateral to premium finance all of that. And all of the premium financed policies imploded within the first 7 years according to the complaint. Which means there was little to zero oversight from Penn's UW team.
Im sure half of the charges are borderline. But if even 25% of the charges are true, its a big issue for Penn.
There are a total of 43 claims/charges against them.
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- #17
- 11,544
Makes me wonder if they were trying to do something similar to what Rao Garuda was doing:
Ohio Financial Planner Sentenced to Prison for Promoting an Illegal Charitable Contribution Tax Shelter
A financial planner from Cleveland was sentenced to 20 months in prison for conspiring to defraud the United States by promoting an illegal tax shelter scheme involving false charitable deductions.
www.justice.gov
I actually though of him as well. I remember going to some of his trainings and almost joining his group. thankful for others that spoke wisdome to me.Makes me wonder if they were trying to do something similar to what Rao Garuda was doing:
Ohio Financial Planner Sentenced to Prison for Promoting an Illegal Charitable Contribution Tax Shelter
A financial planner from Cleveland was sentenced to 20 months in prison for conspiring to defraud the United States by promoting an illegal tax shelter scheme involving false charitable deductions.www.justice.gov
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- #19
- 11,544
I had always thought well of him. Great story and earnestness. I just didn't always understand some of the things he taught and wrote about, not that I tried very hard to take it apart and understand it. I certainly don't join groups where they promote things that I cannot understand them.
There have been other 'schemes' out there where if I don't understand it, I begin to question whether they're actually legitimate or not. I can't find the TikTok video now, but there was a tax attorney who took a guy's video (I actually know who it was) and completely dismantled it as to why it was a tax scam.
I'm looking for it. If I find it, I'll post it.
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- #20
- 11,544
I can't find the specific video, but these two are very good:
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