FINANCIAL EXPLOITATION OF THE ELDERLY. REVOCABLE LIVING TRUSTS, LIFE INSURANCE & ANNUITIES “Financial Exploitation” ? Donald Akers, Jr. Assistant District Attorney 16th Judicial District of Louisiana WORLD ELDER ABUSE AWARENESS DAY 2012 June 11, Slidell, LA June 13, Acadiana.
REVOCABLE LIVING TRUSTS,
LIFE INSURANCE & ANNUITIES
“Financial Exploitation” ?
Donald Akers, Jr.
Assistant District Attorney
16th Judicial District of Louisiana
WORLD ELDER ABUSE AWARENESS DAY 2012
June 11, Slidell, LA
June 13, Acadiana
* * Exceptfor Louisiana Citizens ??
THE “FREE” LUNCH SEMINAR
Lure Leisurely Senior Citizens who have Time & Assets
such as Retirement Funds & Real Estate
Provide for Higher returns in low return conventional markets (increased risks!)
“Free” evaluation of your portfolio, accounts & insurance
“Trust Mills” selling living trusts
THE LOCATION & THE SPONSOR “EFFECT”
Assisted Living Complexes
AARP and Senior Group Meetings
University Leisure Classes
Independent Insurance AGENT SENTENCED TO 90 DAYS IN JAIL FOR FELONY THEFT conviction, sold complex “indexed” annuity to an 83 year old woman alleged to have shown signs of dementia…
Case Prosecuted under California Elder Protection statute.
Agent alleged the woman “appeared fine and wasn’t confused at the time of the transaction” and that he acted appropriately.
One agent said “There is nothing in insurance –licensing that prepares you as a nonmedical person to diagnose dementia.”
The company returned principal with interest and no penalties
AND IN THE ACADIANA AREA …
$ 100,000 Life Insurance (whole life) - 14 year surrender
$ 315,000 Index Linked S&P 500 Annuity - 16 year surrender
$ 160,000 Variable Universal Life Insurance
A “Crime” or A “Civil Matter”
Legal/Compliance Department says: “don’t participate”!
Louisiana Department of Insurance
Investigates your complaints against companies, agents, or adjusters
Web Site: http://www.ldi.state.la.us/
Phone: (800) 259-5300 -or- (225) 342-5900
Fax: (225) 342-3078
LOUISIANA OFFICE OF FINANCIAL INSTITUTIONS
Investment Adviser Public Disclosure Check
professional background and conduct, current registrations ,
employment history, and disciplinary events
8660 United Plaza Blvd.Second FloorBaton Rouge, LA 70809-7024
Mailing Address:Post Office Box 94095Baton Rouge, LA 70804-9095
Main Phone: (225) 925-4660Fax: (225) 925-4548
Direct Ph: 337-365-3886Direct Fax: 337-365-3886