Former Insurance Agent Gets 9 Years for Stealing Annuity Money
RIVERSIDE, California — Palm Desert resident and former Coachella Valley insurance agent, John Paul Slawinski, 60, plead guilty to three counts of embezzlement from an elderly victim, two counts of burglary and one count of tax evasion. (1)
After receiving multiple complaints about Slawinski’s handling of client annuities, authorities began their investigation into the former insurance agent in 2012. (1)
The investigation determined that during a 4-year period, Slawinski convinced elderly clients to sell him their annuities to him and he buy more profitable annuities for them. Instead of purchasing annuities on their behalf, he would have the clients write the checks directly to him so that he could deposit them into his personal bank account. (1,2)
In 2014, the California Department of Insurance revoked his license to sell insurance. He was sentenced to nine years in prison and ordered to pay $3.4 million in restitution. (1,2)
Often times the elderly are targets of such scams because they are looking for ways to secure their financial future. Unfortunately, an inappropriate annuity can lock up an annuitant’s money for decades. (2)
Some ways to avoid becoming a victim of an annuities scam include:
- Checking the company and the agent out with the Better Business Bureau, your state’s attorney generals office as well as your state insurance commission to ensure they have an active license and there are no complaints against them. (3)
- Confirm that the agent has a physical location, not just a place they send mail.
- Always consult a tax professional or attorney before you enter into the transaction.
- NEVER write a check to an individual.
Information about selling your annuity
If you’re looking for information regarding on how to sell an annuity that is no longer suitable, visit our resources center http://cbcsettlementfunding.com/financial-resources/ or call 877-386-3377 now.
Sources:
- http://www.kesq.com/news/palm-desert-man-sentenced-over-nine-years-for-annuities-scam/34188238
- http://www.consumeraffairs.com/news/california-case-illustrates-dangers-of-annuity-frauds-071715.html
- http://www.naic.org/state_web_map.htm
