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Fraudulent Practices in the Sale of Indexed Annuities
Securities Lawyers | 2010/09/22 10:23

If approached by your broker (or financial advisor or insurance agent) to purchase an indexed annuity there are some things an investor should consider.  First, an indexed annuity (also known as, equity-indexed annuity or fixed indexed annuity) is a fixed annuity, either immediate or deferred, that earns interest or provides benefits that are often linked to an equity or stock market index.  In 2008, the National Association of Insurance Commissioners (NAIC), an association of state insurance regulatory officials, issued a buyers guide to indexed annuities, which provides educational information on indexed annuties.  Did your broker provide you with one?  The Financial Industry Regulatory Authority (FINRA) also published an investor alert on indexed annuities.

Unscrupulous brokers take advantage of naïve, unsuspecting investors, especially seniors, and heavily pitch purchases into indexed annuities.  Often they will tout indexed annuities as being better than bank CDs and will convince investors to liquidate their CDs to buy an indexed annuity.  Investors with variable annuities are often approached by a broker to buy indexed annuities, touting them as being safer than then variable annuity, which has investment choices whose principal can be subject to market volatility.  Did the broker recommend you to consider moving money into the fixed account of the variable annuity?  If not, the broker is probably only motivated to earn a commission which can be as high as 5%.  Another fraudulent tactic is to entice an investor with an “upfront bonus” to buy an indexed annuity but what a devious broker may not tell you is that often you would have to annuitize the annuity in order to take advantage of the bonus benefit – it’s not free money, there’s a cost to every benefit in an annuity.  Other brokers may convince you that the annuity they sold you earlier is now out-of-date and try to sell you another annuity claiming to have “better and more features.”



Former Class Action Lawyer Promises to Be an 'Agent of Change'
Securities Lawyers | 2010/09/02 14:11

Sean Coffey was a powerhouse among plaintiffs' securities lawyers, touted as the potential new king of securities class actions following the troubles at Milberg LLP and his securing $6.1 billion in recoveries for WorldCom investors.

But last fall, Mr. Coffey, 54, told his partners at Bernstein Litowitz Berger & Grossmann he would quit the firm and try something different—a run as New York's next attorney general.

"When he came to tell me, I said, 'Sean, maybe you should go on vacation,'" said Max Berger, who co-managed the firm with Mr. Coffey. "'You can't possibly be serious about this, look what you'd be giving up.' And he said, 'No, no, this is what I want to do.'"

Mr. Coffey, who has never before run for political office, announced his candidacy in October and has been travelling the state trying to convince New Yorkers that he is the right person for the job. Considered an unknown in political circles, Mr. Coffey has embraced his outsider status, saying he is the most independent candidate, the only one who has a military background along with legal experience as a prosecutor, a defense attorney, plaintiffs' counsel and co-managing partner of a law firm.

"I view [running for attorney general] as a calling and not an occupation," he said. "I have nothing against career politicians; I've supported a heck of a lot of them financially. But for this office for this state at this point in time, I offer an alternative that I think the electorate will accept."


Read more:
http://www.law.com/jsp/nylj/PubArticleNY.jsp?id=1202471401956&Former_Class_Action_Lawyer_Promises_to_Be_an_Agent_of_Change&slreturn=1&hbxlogin=1



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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
 
 
 

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