The mid-term congressional election is less than two months away and some observers wonder whether the event will be all about nothing.
Regulators should be concerned about financial abuse against the elderly, but it is not clear that the facts in the Glenn Neasham theft case amounted to an unlawful taking of money, InsuranceNewsNet Editor-in-Chief Steven A. Morelli said in an interview on The Wealth Channel.
“Here’s a guy who appeared to have done a legal sale and was convicted of theft,” Morelli said of the California agent who was convicted of theft for selling an annuity. “And that’s the baffling part for a lot of people.”
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The Wealth Channel, produced by American College, asked Morelli to discuss the impact of the case in which an insurance agent in California was convicted of theft from an elder for selling an indexed annuity to an 83-year-old woman suffering from dementia. Neasham and two of his assistants said they had not seen signs of dementia during the client’s two visits.
InsuranceNewsNet Magazine covered the case in depth in the March edition and has since followed up with exclusive details, such as an admission by the prosecutor that she did not prove that Neasham knew his client had dementia.
The first Wealth Channel interview segment covers case details. The second discusses the impact, which has been the subject of significant discussion.
“Producers are anxious about what this case means, no matter what they think of Neasham’s conduct,” Morelli said after the interview. “Some agents are saying if it can happen to Neasham, it can happen to anyone.”
The case has captivated not only the annuity industry, but the range of financial services. Morelli also participated in a webinar with the Society of Financial Service Professionals.
For full coverage of the case, visit the Neasham page.
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