As a regular commenter on insurance and \”ethnic markets\” this scam is typical.In this case they were Armenians[probably the older ones lost thier life savings]to these criminals.The sad part and tragically this scam will happen again.It is more pronunced in non-english speaking markets where trust is easily given.Spanish speaking,Philipino,Chinese,Korean and east european markets are ripe for scams.Usually they go unreported.The \”securities dealer\”should be in jail along with the life insurance agent.It gives honest brokers and the industry a black eye.
Gee, the $200 fine & $20 court costs should be a GREAT deterent after these folks move elsewhere & start the same thing over again. Wonder where the restitution is coming from?
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
As a regular commenter on insurance and \”ethnic markets\” this scam is typical.In this case they were Armenians[probably the older ones lost thier life savings]to these criminals.The sad part and tragically this scam will happen again.It is more pronunced in non-english speaking markets where trust is easily given.Spanish speaking,Philipino,Chinese,Korean and east european markets are ripe for scams.Usually they go unreported.The \”securities dealer\”should be in jail along with the life insurance agent.It gives honest brokers and the industry a black eye.
Gee, the $200 fine & $20 court costs should be a GREAT deterent after these folks move elsewhere & start the same thing over again. Wonder where the restitution is coming from?