$100,000,000 Life Sale Backfires
- Thread starter rousemark
- Start date
- 2,758
No wonder I haven't seen my ex around for a while.
Sure gives Financial Advisors (Planners) a great name! I am surprised the duo only netted $1,000,000 in commissions. There had to be more in it for them. I wonder if the insurance was WL UL or Term? Reminds me of pro athletes who probably have the equivalent of a High School education and get taken to the cleaners by their agents.......lambs to the slaughter.
I think the old adage of a person who wins the lottery will end up back where they started (in life pre-lottery) after everything is all said and done. The universe has a way of balancing things out!
I think the old adage of a person who wins the lottery will end up back where they started (in life pre-lottery) after everything is all said and done. The universe has a way of balancing things out!
The financial advisers are both registered investment advisers on top of being attorneys so there's two areas under which fiduciary standard would be imposed.
Now, they could always claim that they weren't acting as either attorneys nor investment advisers for the life insurance purchase or the real estate recommendations, but we all know how that conversation most likely took place.
So much for that whole fiduciary thing protecting people from evil.
Now, they could always claim that they weren't acting as either attorneys nor investment advisers for the life insurance purchase or the real estate recommendations, but we all know how that conversation most likely took place.
So much for that whole fiduciary thing protecting people from evil.
MINewBeginning
Expert
- 81
Not surprise at all.
What about those FFS agents telling folks to cash-out their 401K and buy a IUL policy?
What about those FFS agents telling folks to cash-out their 401K and buy a IUL policy?
- 2,452
"Two years later, Ogawa says, the defendants attempted to persuade him to exchange his existing life insurance policies for a single $600 million policy."
What insurance company would insure someone's life for 600 MILLION? Wow.
What insurance company would insure someone's life for 600 MILLION? Wow.
- 8,707
I am sure the regulators will be asking for detailed notes of what had changed in 2 years to necessitate the change in policies....
Fiduciary standards are only as good as the persons own ethics...I mean come on Madoff was a RIA.
- 483
This guy is the same guy that 'cheated' his co-workers out of the lottery pool at work over this very ticket 4 years ago.....maybe karma is catching up to a beetch.
Story goes 3 co-workers agreed to pony up for lottery pools, this dude had the winning ticket in HIS hand so he said eff the other 2.
These guys went to lunch one day and hatched the plan.
Guy 1 sprung for lunch
Guy 2 PAID for the tickets that day and gave each guy one ticket to hold for the group
Kevyn was Guy 3 and had NO MONEY that day but wand up 'holding' the winner
And he KEPT 'everything' to himself b/c he was a PIG.
Well pigs get slaughtered, right?
So now he's broke.....couldn't happen to a 'nicer' guy.
I'd LOVE to hear what his 2 ex co-workers think about him being taken 'advantage' of?
Story goes 3 co-workers agreed to pony up for lottery pools, this dude had the winning ticket in HIS hand so he said eff the other 2.
These guys went to lunch one day and hatched the plan.
Guy 1 sprung for lunch
Guy 2 PAID for the tickets that day and gave each guy one ticket to hold for the group
Kevyn was Guy 3 and had NO MONEY that day but wand up 'holding' the winner
And he KEPT 'everything' to himself b/c he was a PIG.
Well pigs get slaughtered, right?
So now he's broke.....couldn't happen to a 'nicer' guy.
I'd LOVE to hear what his 2 ex co-workers think about him being taken 'advantage' of?
TheLifeInsBlog
New Member
- 19
I wonder if they'd accept if it was a single premium?
