SEC busts 2 for bilking terminally ill, blind seniors
August 7, 2014 by Melanie Waddell, Thinkadvisor
The Securities and Exchange Commission Thursday announced that it had fined one broker for his role in an annuity scam targeting the terminally ill and another for stealing from blind and elderly clients.
The architect of a variable annuities scheme designed to profit from the imminent deaths of terminally ill agreed Thursday to settle charges with the SEC and pay more than $850,000.
The same day, a broker in Roanoke, Virginia was charged with defrauding elderly customers, including some who are legally blind, by stealing their funds for her personal use and falsifying their account statements to cover up her fraud.
Originally Posted at LifeHealthPro on August 7, 2014 by Melanie Waddell, Thinkadvisor.
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