This individual uses very deceptive sales tactics to convince older investors that he is some big-shot type of a financial guru, when in fact he has very little in-depth knowledge of how all financial matters work. He sells purely annuities claiming he has been on talk shows, both tv and radio (only called into them on phone - considers that "being on show") and also states that he is a "highly decorated war veteran" and sometimes states he was in a "Special Forces unit" when in fact he was an A/C mechanic in the Navy. The decorations he received were commonly given to field service technicians in the support field. He also claims he has a doctorate in finance, although he has very little knowledge of how to read a tax return or how to properly assemble the necessary components for a comprehensive estate plan. No working knowledge of life insurance, securities or the basic tools necessary for most plans, only annuities. He also states, in his introductions and bio, that he was awarded a "Congressional Medal of Merit" - had to do some digging on this one. It was given to him simply due to a donation he gave to a political party, and the donation was given for the explicit purpose of him being able to later boast he was awarded this "medal". He travels between Rhode Island, Florida and other locations, claiming that he is in such demand, but in fact the case is most probably due to the fact that if he stayed in the same location for a long period of time, as most established planners do, he would be found out. He also resorts to working at various agencies in order to gain their trust and uses their well established agency and company names, and then often continues to use these company names without thier knowledge or protection.in two words for anyone reading this - STAY AWAY.
0 comments