- 14,809
...got this agent in hot water - offering the old plater licker specials to seniors then selling annuities.
http://www.news-leader.com/article/...order+against+Springfield+investment+adviser+
"According to the order, the adviser, Tracy W. Mitchell, used free lunch investment seminars to promote himself as a financial planner offering financial advice – mostly to senior citizens.
Mitchell allegedly recommended and sold only insurance products, specifically equity-indexed annuities, without disclosing conflicts such as the large commissions he stood to gain on the sales.
According to the order, Mitchell conducted six free lunch seminars from October 2008 to July 2009, and recommended an equity indexed annuity to all but one of the 32 attendees he subsequently met.
“Unfortunately, these free lunch seminars continue to be popular in Missouri, so investors should remember that there is no such thing as a free lunch,” Carnahan said.
“My office will continue to go after anyone who targets elderly Missourians only to offer inappropriate investment advice.”
http://www.news-leader.com/article/...order+against+Springfield+investment+adviser+
"According to the order, the adviser, Tracy W. Mitchell, used free lunch investment seminars to promote himself as a financial planner offering financial advice – mostly to senior citizens.
Mitchell allegedly recommended and sold only insurance products, specifically equity-indexed annuities, without disclosing conflicts such as the large commissions he stood to gain on the sales.
According to the order, Mitchell conducted six free lunch seminars from October 2008 to July 2009, and recommended an equity indexed annuity to all but one of the 32 attendees he subsequently met.
“Unfortunately, these free lunch seminars continue to be popular in Missouri, so investors should remember that there is no such thing as a free lunch,” Carnahan said.
“My office will continue to go after anyone who targets elderly Missourians only to offer inappropriate investment advice.”