BrokenIllinois
New Member
- 8
Hi all.
I'm a newbie so hopefully this is the right forum.
I placed my trust in an agent to purchase an annuity in IL that really does not suit my needs or what was presented. I do not think she knew the product well and used the old "safe 6%-7% return" sales pitch. Hey, my fault for trusting too much and not reading through the huge contract. I get it. The industry has a bad rep.
However, when I got cold feet, she gave me a rebate (in excess of $100) to not invest elsewhere. Clearly illegal and rebating especially since the suitability on this product was way off.
I did not know it was a kickback until I spoke to other agents. After all, banks give me money to open checking accounts. She did tell me to keep it between us.
Obviously, I want out of this product since it was sold under false pretenses. However, I don't want to affect someone's ability to make a living.
Questions:
1. What penalties can occur for her?
2. Can I get in trouble for accepting it although I thought it was common practice?
3. Does relationship matter at all since there is a family connection?
4. What is my likelihood of getting out of this with my initial premium (forget the foregone gains) without mention of the rebate?
I'm a newbie so hopefully this is the right forum.
I placed my trust in an agent to purchase an annuity in IL that really does not suit my needs or what was presented. I do not think she knew the product well and used the old "safe 6%-7% return" sales pitch. Hey, my fault for trusting too much and not reading through the huge contract. I get it. The industry has a bad rep.
However, when I got cold feet, she gave me a rebate (in excess of $100) to not invest elsewhere. Clearly illegal and rebating especially since the suitability on this product was way off.
I did not know it was a kickback until I spoke to other agents. After all, banks give me money to open checking accounts. She did tell me to keep it between us.
Obviously, I want out of this product since it was sold under false pretenses. However, I don't want to affect someone's ability to make a living.
Questions:
1. What penalties can occur for her?
2. Can I get in trouble for accepting it although I thought it was common practice?
3. Does relationship matter at all since there is a family connection?
4. What is my likelihood of getting out of this with my initial premium (forget the foregone gains) without mention of the rebate?