Senior beware
06 Oct 2008
TAMPA – Some Bay Area seniors say they were ripped off buying annuities - long-term investments that promise income for a period of time - probably longer, state investigators say, than most of them will live.
The State of Florida is now warning seniors about unscrupulous insurance agents and financial advisers may try to promise people they can get money out of investments without penalty.
One of the victims is 89-year-old Mary Nusser. The state helped her win a big settlement from an insurance company, but then she says she lost it to John Morehart, who awaits trial for crimes against the elderly, and his wife Debra.
"I'd like to see him sitting in jail, but he's still out doing it," said Nusser.
"None of us wish that our parents are preyed upon by these bad actors," said Florida Chief Financial Officer Alex Sink.
The problem has gotten so bad that not ever Sink knows how much money has been stolen. That's why a task force is beginning work to put the bad guys behind bars. Sink is trying to convince the Legislature to make the penalties for those who prey on the seniors over the complex annuity investments felonies.
Believe it or not, right now, they are misdemeanors so long as you have a state license.
Abridged
SOURCE: MyFox Tampa Bay
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