In case you need a refresher, my violation was for putting a larger amount of money into people's annuities than what Oregon, and ONLY leftist Oregon, thought to be proper. No one lost a dime of their money and many are still making 4-15% (fixed VS indexed programs) returns on thier annuities. Not even one cent went to management fees or other costs. Hard % numbers were not introduced to the Oregon DOI until after I wrote the annuities in question, and the complaint was not filed by a client but the daughter of a deceased client at the urging of a small town stock broker who did not like having any competition. I harmed no one, and would not. And I still find the Oregon rule of X% only into an annuity to be capricious and over reaching of government into people's decisions, Coward.
There is so much false in there it's ridiculous.
Your violations were not for that alone, as there were multiple and the reasons were cited in the cases put in this thread.
Bankers Life & Casualty, should anyone wish to look them up, is one of - if not THE - worst company out there for scamming old people and having insurance agents (who are NOT licensed to deal with or even review securities) push annuities on clients regardless of fit or compliance.
The "indexed annuities" referenced did not and do not return 15%. The calculus that goes into those indexes is guaranteed to trail the market by a considerable rate, and won't get close to 15%. There are also hefty penalties for withdrawals or cancellation of the contract; and the company has been sued multiple times for fraudulent placement of those "products". Their fixed rate annuities do not touch 4% currently, either. That's easily verified by contacting any local "Conseco/Banker's Life" office (yep, part of the Conseco family of businesses now, and that reputation carries).
The daughter was dealing with the estate of her mother and rightfully went to a LICENSED financial adviser to discuss what had happened to her mother's investments. That's when your ball of wax started to melt.
