Entrepreneurs Claim Defamation in SEC’s Federal Employee Benefit Counselors Case (FEBC)
FEBC provides benefits counseling and retirement planning to federal employees across the country. The company employs a staff of highly trained benefit counselors to provide guidance on the federal pension system, group life insurance, and its licensed affiliates provide retirement income planning.
FEBC and its affiliates are being accused of creating a scheme designed to defraud federal employees by recommending the transfer of their TSP funds to a variable annuity. In its
The
The SEC’s press release implied FEBC only recommended variable annuities and targeted elderly employees. Laws stated: “The SEC points to the 200 employees who purchased variable annuities, but fails to mentioned the hundreds of other employees who were advised to remain in the TSP or move to a non-variable annuity IRA account. Every recommendation of FEBC or its affiliates is based on the financial objectives of each particular customer. The SEC’s accusations rest on the false premises that every federal employee wants the least expensive investment platform and there is no value in the income riders available within variable annuity contracts. Ironically, variable annuities are registered products approved by the
FEBC strongly suspects the SEC’s motive is to use this case to publicly discourage others in the financial industry from transferring funds away from the TSP while also promoting the new anti-commission legislation from the
On
FEBC plans to vigorously defend itself against the lawsuit filed by the
View source version on businesswire.com: http://www.businesswire.com/news/home/20170809005265/en/
Federal Employee Benefit Counselors (FEBC)
President
[email protected]
http://www.myfebc.com/
Source: Federal Employee Benefit Counselors
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