This is the biggest legal travesty I have ever heard. Dont sell anything to anyone over 65 or this could happen to you. I understand the woman has made alot of money on this investment,she’s happy,and Mr.Neasham isn’t a medical doctor. Watch out DOI a “BIG” lawsuit look’s like it coming your way.
First, let me state that I did not know Glenn Neasham until two weeks ago. There are people (perhaps with agendas of their own) condemning Glenn because he sold an annuity that was approved by the California DOI to an 83 year old who, it is reported, approached Mr. Neasham as a referral from her boyfriend and requested an annuity.
The prosecuter alleged that Glenn knew his client had dementia. However, after Glenn was convicted of Theft and Embezzlement, the prosecuter, Rachel Abelson was quoted in an article in InsuranceNewsNet.com saying that she was not sure she had proven that Glenn knew the client has been diagnosed with dementia, and if he did know, she is not sure when he knew.
One can argue whether this was the most suitable sale. However, one can not argue with the fact that Glenn appears to have done everything a reasonable agent would have done to comply with Allianz’s and the California DOI suitabilty requirements. So whether or not the Allianz product in question was the most suitable annuity or financial product for this client to purchase, it was SUITABLE, given was Mr. Neahsam was able to ascertain about her circumstances.
As to the 8% one time commission, there are hundreds of thousands of licensed securites adivisors in the US operating under AUM (Assets Under Management) that would have happily placed her legacy money in stocks, bonds and mutual funds and charged an annual fee of 1 – 2% whether the client made or lost money in a given year. Had the client lived to 90 or 95 she would have easily paid fees that well exceeded 8% of the original investment.and might have reached that lofty age with only 50% (or less) or her original principle intact…
The real travesty here is that this case was turned over to the courts where Glenn was convicted ot Theft and Embezzlement. What was stolen? And when was Mr. Neasham able to personally access her funds for his own benefit?
Those securites licensed financial professionals thrusting their fists in the air in celebration of Glenn’s conviction because they are still licking their wounds over the defeat of 151A would be wise to re-examine this case…
If this verdict is allowed to stand, every licensed financial professional will have a huge target on their backs…and potentially find themselves one day facing criminal conviction for selling ANY FINANCIAL VEHICLE TO A CLIENT OF ANY AGE…all because some prosecuter somewhere is able to convince a jury that placing his/her cash in the financial vehicle deprived them of the use of their money…
Rather than criticize Glenn and gloat over this fallen agent, financial advisors everywhere should consider donating to the Glenn Neasham Appellate Trust Fund at that Paul Cross has set up at at ANBC.com….The license(s) you protect just might be your own…
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This is the biggest legal travesty I have ever heard. Dont sell anything to anyone over 65 or this could happen to you. I understand the woman has made alot of money on this investment,she’s happy,and Mr.Neasham isn’t a medical doctor. Watch out DOI a “BIG” lawsuit look’s like it coming your way.
First, let me state that I did not know Glenn Neasham until two weeks ago. There are people (perhaps with agendas of their own) condemning Glenn because he sold an annuity that was approved by the California DOI to an 83 year old who, it is reported, approached Mr. Neasham as a referral from her boyfriend and requested an annuity.
The prosecuter alleged that Glenn knew his client had dementia. However, after Glenn was convicted of Theft and Embezzlement, the prosecuter, Rachel Abelson was quoted in an article in InsuranceNewsNet.com saying that she was not sure she had proven that Glenn knew the client has been diagnosed with dementia, and if he did know, she is not sure when he knew.
One can argue whether this was the most suitable sale. However, one can not argue with the fact that Glenn appears to have done everything a reasonable agent would have done to comply with Allianz’s and the California DOI suitabilty requirements. So whether or not the Allianz product in question was the most suitable annuity or financial product for this client to purchase, it was SUITABLE, given was Mr. Neahsam was able to ascertain about her circumstances.
As to the 8% one time commission, there are hundreds of thousands of licensed securites adivisors in the US operating under AUM (Assets Under Management) that would have happily placed her legacy money in stocks, bonds and mutual funds and charged an annual fee of 1 – 2% whether the client made or lost money in a given year. Had the client lived to 90 or 95 she would have easily paid fees that well exceeded 8% of the original investment.and might have reached that lofty age with only 50% (or less) or her original principle intact…
The real travesty here is that this case was turned over to the courts where Glenn was convicted ot Theft and Embezzlement. What was stolen? And when was Mr. Neasham able to personally access her funds for his own benefit?
Those securites licensed financial professionals thrusting their fists in the air in celebration of Glenn’s conviction because they are still licking their wounds over the defeat of 151A would be wise to re-examine this case…
If this verdict is allowed to stand, every licensed financial professional will have a huge target on their backs…and potentially find themselves one day facing criminal conviction for selling ANY FINANCIAL VEHICLE TO A CLIENT OF ANY AGE…all because some prosecuter somewhere is able to convince a jury that placing his/her cash in the financial vehicle deprived them of the use of their money…
Rather than criticize Glenn and gloat over this fallen agent, financial advisors everywhere should consider donating to the Glenn Neasham Appellate Trust Fund at that Paul Cross has set up at at ANBC.com….The license(s) you protect just might be your own…