Iowa Revokes License of Arizona Insurance Agent Over Annuity Fraud Scheme

October 29, 2019 by Associated Press

An Arizona insurance agent has lost his Iowa insurance license and is barred for reapplying for 10 years after the Iowa Insurance Division found he fleeced elderly Iowa residents.

The division said in a news release that Mark Diamond, of Scottsdale, Arizona, routinely offered free meal seminars to gain the trust of attendees, most of whom were 80 or older. He then used high-pressure tactics to sell them fixed annuities they did not need.

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Originally Posted at Insurance Journal on October 28, 2019 by Associated Press.