A look at statistics showing how the insurance industry fared in consumer class action settlements.
By Steven A. Morelli
The trial has been postponed for a former insurance agent in California charged with 29 felonies for selling annuities.
Alan S. Lewis is accused of “twisting” in the repeated sale of annuities to some of his clients. The prosecutor has said the $300,000 surrender charge that 12 clients incurred amounted to embezzlement and grand theft. He is also charged with burglary because he visited clients in their home.
Prosecutor Sheronda Edwards asked for the trial to be postponed from June 9 to June 23 for two reasons: The prosecution’s expert witness, Vincent Patrick Gallagher, is in China until June 23. And Edwards is still waiting for alleged victims’ annuity contracts subpeonaed from Allianz Life, Genworth Life, Lincoln National, Fidelity & Guaranty Life, American Equity, American General, North American, Athene and ING. The prosecutor also said she would submit eight audio CDs of interview of alleged victims by June 6, according to a motion filed June 5.
Lewis remains in jail in lieu of $600,000 bail.
Steven A. Morelli is editor-in-chief for InsuranceNewsNet. He has more than 25 years of experience as a reporter and editor for newspapers, magazines and insurance periodicals. He was also vice president of communications for an insurance agents’ association. Steve can be reached at email@example.com