Complaint / review text:
Approximately July of 2005 I received a invitation by mail to attend a Seminar Asset Protection. This seminar was done at Misen Place Tampa Fl. By Al Coringrato and his associate at that time (Rodd Rafferty). The other two seniors also attended this seminar. I was impressed with what was presented about Variable Annuities verus Fixed Annuities. A few days later I made a appointment with Mr. Coringrato and Mr. Rafferty.
The name of the company at the time was the WWIN group located 2202 N West Shore Blvd ste 200
This company no longer exists. After speaking with Al he said I needed to withdraw my money that I had in the variable annuities from my broker whom I had for 30 years from Raymond James and put it in a fixed annuity. He told me not to speak to my current broker, but just request that they send the money. The reason he didn't want me to talk with him was because he may change my mind. Al indicated he was not a financial planner but quote a ASSET PROTECTION man. He was so aggressive that he called me several times on my vacation in Alaska to fax papers for me to sign. When I got back home from my trip I went to his office and at that time Rodd Rafferty (whom Al was using Rodd's license because he didn't have one) wrote up agreements with Allianz. One was for IRA and the other was a Masterdex 10 Annuity.
About 6 months later he was having marital problems so he approached me with he needed to borrow some money to show the judge that his business was in debt. He told me his wife was a alcoholic and he needed to get his kids for their safety. I trusted and felt compassionate for him so I told him okay. He told me how to request the money from my Masterdex Annuity and told me he needed to borrow $100,000. He told me that he would pay me 15% interest monthly and after one year pay down on the principal. This sounded like a great deal so I proceeded to get the money from Allianz. When the money came in I called him and he was immediately at my house. I made the check out to WWIN group.
When tax season came I received a 1099 from Allianz that I had to pay taxes on the money I took out. This amounted to $30,000. I was so upset that when I called Al and told him he said it was my fault because I didn't tell him I previously made money on the Annuity. He told me he would help me pay for some of those taxes. About 2 weeks later he called and said I found a company which I could take $157,000 from Allianz and put in National Foundation of America which was supposed to be a tax-exempt organization which was to help me retrieve some of my tax money in the coming years. Allianz was to change ownership. This was to take place in April of 2007. On June 26 I received a notice that NFOA has never been designated by the Internal Revenue Service as a Section 501 (3) tax-exempt organization. This company is being dissolved and I was fortunate that Allianz never changed ownerships. I received phone calls from investigators asking me who sold the policy to me. I called Al and he told me not to mention anything about the money I loaned him because that was a personal loan between him and me.
It has been 2 years this August since I have received any money from Al. I did receive 5 payments of over $1000 a month but every month I had to call Al and asked for the money. After the 5 months I would call him about once a week and he would tell me he didn't have any to send and that I was harassing him. He also told me he could file bankruptcy but he would never do that.
I did receive a phone call from his ex-wife telling me I will never get that money back. Evidently He had done this in the past for her to mention that.
I have tried to contact everyone from the Attorney General to Seniors Vs Crime to the police.
They told me they couldn't help us Seniors proscute him because he never said he wouldn't pay it back, but none of us have heard or talked to him.
He is walking around like he never did anything and if he gets by with this he will continue to scan other seniors.
I have not contacted him in about a year as it is too upsetting. I have had problems with burning in my back for over a year and I attribute it to the stress and anxiety of dealing with this individual.