Our Colorado Bankers Life Insurance Annuity Fraud Lawyer Team Are Representing Retirees and Other Retail Investors
Brokers Breached Duty To Investors When Selling Annuities
If you are a retiree or another investor who lost money in Colorado Bankers Life Insurance, the time to explore your legal options is now. For years, those who purchased annuity policies have had their money frozen with no relief in sight. Meanwhile, the insurer is in rehabilitation and its owner Greg Lindberg is embroiled in criminal charges, fraud lawsuits, and other litigation.
What investors can do, however, is explore their legal options with Shepherd Smith Edwards and Kantas (investorlawyers.com). Our annuity fraud lawyer team is representing those who lost money in a Lindberg-issued annuity that was sold to them by their broker-dealer. These include annuities from Colorado Bankers Life, Bankers Life Insurance, Southland National Insurance, Southland National Reinsurance, Northstar Financial Services (Bermuda), and PB Investment Holdings.
We believe that brokerage firms were negligent and/or engaged in some type of broker misconduct when they sold annuities from these insurers to investors. This was further confirmed by the recent ruling of a North Carolina Court of Appeals against Lindberg. The Court found that “Lindberg created a scheme in which he caused $1.2 billion held for Plaintiffs’ policyholders to be invested into other non-insurance companies that he also owned or controlled.” This purportedly included making a deal with the state’s Insurance Commissioner: in exchange for moving Colorado Bankers Life and Bankers Life to North Carolina, he would be allowed to invest up to 40% of their assets into other companies he owned. When that Commissioner lost his seat in 2016—and the cap on affiliated investments was lowered from 40% to 10%—it became a struggle for Lindberg to meet this new requirement.
According to Shepherd Smith Edwards and Kantas annuity fraud lawyer Ryan Cook, “Colorado Bankers and Banker’s Life, both held a hugely disproportionate amount of their assets in conflicted, and unknown, affiliated companies whose ability or willingness to repay those amounts for the benefit of policyholders was unknown.” What followed was nearly three years when regulators worried about the financial health of the companies. This did not, however, stop financial advisors from recommending that clients invest in these insurers. In doing so, noted Cook, they were “in dereliction of the legal obligations placed upon them.”
How Can Our Annuity Fraud Lawyer Teams Help?
Our savvy broker fraud attorneys are suing the brokers that allegedly unsuitably sold Lindberg-issued annuities to investors. This has, to date, resulted in over 100 annuity loss lawsuits against dozens of US-based broker-dealers, including Citizens Securities and many others, on behalf of investors.
When you hire us, our entire securities law firm will work with you. With our in-depth knowledge of why Colorado Bankers Life Insurance annuities and other Lindberg-issued annuities failed, and our years of discovery investigating the brokerage firms that engaged in unsuitability, overconcentration, supervisory failures, misrepresentations, and omissions, Shepherd Smith Edwards and Kantas have the resources, knowledge, and manpower to provide you with quality representation without sacrificing personal attention.
We are a securities law practice that exclusively represents investors. Over the years, we have collectively recovered many millions of dollars for thousands of clients from broker-dealers and investment advisers.
How To Contact Our Annuity Fraud Lawyer Team:
Call (800) 259-9010 today to request your free, no-obligation consultation.