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February 06, 2012

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Florida Annuity News

Department Arrests Former Northridge Insurance Agent in Fraudulent Investment Scheme

Insurance Commissioner John Garamendi today announced that California Department of Insurance (CDI) investigators have arrested a former Northridge insurance agent who allegedly took more than three quarters of a million dollars from senior citizens and their families for investments and annuities, then never made the promised investments.

“Let this be a warning to anyone who is even thinking of perpetrating fraud against California’s seniors,” said Commissioner Garamendi. “You will be caught.”

Ruben Echiverri Cu, 56, was arrested by CDI Fraud investigators at his Northridge home on October 31, 2006. He was booked into the Twin Towers jail facility in Los Angeles, and charged with five felony counts of Grand Theft and 15 felony counts of securities fraud, including Sales of Unqualified Securities, Sales of Securities without a Certificate, and Making False Statements in the Sale of a Security. Bail is set at $1,172,418. read more at insurance.ca.gov.

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Did You Know?

Employee Retirement Income Security Act (ERISA)
The federal law that establishes the basic requirements for employee benefit plans. The authority for administering and enforcing ERISA is divided among three federal agencies: The Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).

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	Latest news about Annuity cases in Florida and nationwide: Former Bank Manager Sentenced For Embezzling Over $2 Million From Employer LAS VEGAS - - A former bank manager has been sentenced to 41 months in prison for her guilty plea to embezzling over $2 million from the bank durin... Read more > Treasury and IRS Issue Guidance on Source of Income Certain payments received under an annuity contract and amounts withdrawn from the cash value of a life insurance contract give rise to inco... Read more > Railroad Retirement Annuity Estimates to be Available Online The U.S. Railroad Retirement Board announced that railroad employees can now get estimates of their future annuities over the Internet.Em... Read more > More Annuity News >

Annuity Lawyers.com Terms

Today's Terms

Annuity Starting Date

Definition:
For most types of annuities, the first day of the month following either the date after the day you separate from service or the date after your last day in pay, whichever is earlier. If you were in pay status for three days or less in the month of your retirement, the annuity starting date is the date after either the day you separate from service or your last day in pay and in which you meet age and service requirements, whichever is earlier

Annuity, Reduced

Definition:
A retiree's basic annuity that is reduced because of retirement before a certain age (for reasons other than disability). Annuities are also reduced because of unpaid deposits or redeposits, or to provide a survivor annuity. (Also called reduced benefits.)

OFEGLI

Definition:
The Office of Federal Employees' Group Life Insurance, which makes payments to beneficiaries under the policy. OFEGLI is not a Federal agency. It is staffed by employees of the contracted life insurance carrier.

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Annuity Law Hot Topics

Topics Related to Annuity:

Client Manipulation
Providing False Information
Lying to Auditors
Unauthorized Transactions
Breach of Fiduciary Duty
Broker Embezzlement

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