Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
He is looking at jail time accused of theft. You have to read the story to believe it. Going forward if this guy can be convicted agents would need to think long and hard about doing business in the senior markets.
He is looking at jail time accused of theft. You have to read the story to believe it. Going forward if this guy can be convicted agents would need to think long and hard about doing business in the senior markets.
Many seniors would probably welcome having insurance agents gun shy about dealing with us and as a result exercising caution and erring on the side of benefiting the client even if it meant a lower commission etc. Kudos from this senior to the Assistant States Attorney in this case. Seems to me it is about time for sellers beware after all these years of buyer beware.
Many seniors would probably welcome having insurance agents gun shy about dealing with us and as a result exercising caution and erring on the side of benefiting the client even if it meant a lower commission etc. Kudos from this senior to the Assistant States Attorney in this case. Seems to me it is about time for sellers beware after all these years of buyer beware.
Give the article a good read again. The senior client did not file a complaint. The client still has the Annuity and is satisfied. There was no theft because the money involved never was touched by the agent. The client made more money by the transaction than if they left the money in the bank.
The point is the state is basically saying the agent should have known she was in the early stages of dementia. He's not a doctor and the only way he would know if anything is wrong is if he noticed her forgetting questions or something like that.. If see seemed fine to him how was he supposed to know? Then again the insurance company Ok'd the sale.
What is going to come out of this is many agents may shy away from doing business in the Senior market. Especially when there's a chance later on someone coming back and saying they committed a crime when everything was done legally and up front.
I wonder if this is going to be an election year topic?
"Dementia" is now a catch-all word for a number of mental illnesses in the elderly. The word is thrown around easily. If I were his lawyer I would have demanded proof of "dementia" at the time of transaction. What concrete proof was there? And what was the role of Floyd in this so-called criminal action? He could have been the one seen to have influenced her unduly.
With "dementia" occurring earlier and earlier in older adults, if I were a salesperson of any kind I'd sure as heck require a certificate of competency. Then again, "dementia" could be applied to any age, when you stop to think about it (along with "stress," etc). Perhaps a certificate of competency would be a good idea for any age client.
Many seniors would probably welcome having insurance agents gun shy about dealing with us and as a result exercising caution and erring on the side of benefiting the client even if it meant a lower commission etc. Kudos from this senior to the Assistant States Attorney in this case. Seems to me it is about time for sellers beware after all these years of buyer beware.
Quote:
Originally Posted by Caltovegas
Give the article a good read again.
From the response TurbogP gave I would recommend reading the article for the first time instead of assuming the agent did something wrong, which it seems he did not. Keep in mind that this is California, the Nanny state of America.
Give the article a good read again. The senior client did not file a complaint. The client still has the Annuity and is satisfied. There was no theft because the money involved never was touched by the agent. The client made more money by the transaction than if they left the money in the bank.
The point is the state is basically saying the agent should have known she was in the early stages of dementia. He's not a doctor and the only way he would know if anything is wrong is if he noticed her forgetting questions or something like that.. If see seemed fine to him how was he supposed to know? Then again the insurance company Ok'd the sale.
What is going to come out of this is many agents may shy away from doing business in the Senior market. Especially when there's a chance later on someone coming back and saying they committed a crime when everything was done legally and up front.
I wonder if this is going to be an election year topic?
I did read it and everything is in the eye of the viewer. I read things as a senior and you read things from your perspective. Again gun shy insurance agents are always appreciated as it helps to balance against the predators. I don't know if the agent is guilty or not I will leave that to the legal system but do we really doubt their are predators prying on seniors to try to separate them from their money? I also consider the source of the article and consider it to be an industry friendly article.
There’s a good chance you have clients who are sick to their stomachs over the losses they’ve incurred during the recent market fluctuation. Use this compelling sales kit and deliver a much needed message. That you can help them protect a portion of their retirement savings using fixed index annuities (FIAs).
I did read and it is what it is and if you love insurance agents run to support them!
From the response TurbogP gave I would recommend reading the article for the first time instead of assuming the agent did something wrong, which it seems he did not. Keep in mind that this is California, the Nanny state of America.
Neasham was charged with selling a $175,000 annuity to the then-83-year-old victim, who the prosecution alleged didn't have the mental capacity to enter into the contract. Neasham received a commission on the sale.
Abelson said the victim took money from a CD and put it into the annuity, which would have taken 15 years to fully mature.
“The theory was that she was deprived of a major enjoyment of her property,” Abelson said.
She added, “Dealing with elder abuse, it's easy for me to see that as theft.”
Abelson wasn't sure the jury would see it the same way, “but obviously they did.”
The case wasn't an easy one and had multiple complicated issues, Abelson said.
the female victim did not take the stand, as she wasn't mentally competent to do so, said Abelson. The woman was placed under conservatorship within the last few weeks.
Abelson said insurance expert Neil Granger gave important testimony in the case, and volunteered to testify. She said Granger is an advocate for seniors. His online resume says he specializes in the area of elder financial abuse.
As I said the reaction to this is in the eyes of the individual reader and it seems the actual writing of the story is in the motivation of the writer. So not just a zealous DA but a zealous jury?
California Insurance Commissioner Steve Poizner today announced the arrest of a Lake County insurance agent for allegedly embezzling money from a senior client. Glenn Neasham, 50, of Hidden Valley Lakes, was arrested on December 14.
"Insurance agents or brokers who steal from vulnerable seniors will not get away with their shameful tricks," said Commissioner Poizner. "CDI investigators will continue working to track down any unscrupulous agent who preys on California's seniors."
An investigation conducted by the California Department of Insurance discovered that Neasham, doing business as Glenn Neasham Insurance Agency, sold a $175,000 annuity to an 83 year old woman on February 6, 2008. The victim obtained the funds to purchase the annuity by withdrawing her savings from a certificate of deposit. The investigation determined that the victim lacked the mental capacity to enter into this contract, and that the terms and conditions of the annuity contract were not in her best financial interest.
He is looking at jail time accused of theft. You have to read the story to believe it. Going forward if this guy can be convicted agents would need to think long and hard about doing business in the senior markets.
Again having read the story multiple times and other sources on the topic I have little problem believing it. I will leave it to others to form their opinions independent of industry sources.
According to the newspaper article, the initial questions were raised by the bank when an elderly person cashed in $175,000.00 worth of CD's.
It grew from there with some believing she was not competent as in an insurance agent might have duped her. Imagine that. An insurance agent duping someone.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
