CHICO, Calif. (CN) – An ill, elderly couple say a Bankers Life and Casualty agent persuaded them to liquidate $1.6 million in stock to buy annuities that won’t pay off until they are 99. Christopher Hoxie sold them the unsuitable package knowing the wife has Parkinson’s and her husband has cancer, the couple claims in Butte County Court.
Patricia Trujillo, 71, and Onorio Trujillo, 64, say that with full knowledge of their age, health and financial issues, Hoxie sold them six annuities that will mature when they become 99. Neither of them is expected to live that long.
A seventh policy would yield Ms. Trujillo $180,000, if she lives, according to the complaint.
The couple says Hoxie also sold them a short-term nursing care policy that excluded coverage for any ailment treated within 6 months before purchase.
Moxie sold the Trujillos “unsuitable products to earn commissions rather than do what would be appropriate for the plaintiffs,” according to the complaint.
Banker’s Life ratified Moxie’s behavior by “continuing to use Hoxie as an agent after being made aware of his conduct,” the complaint states.
The Trujillos seek punitive damages for financial elder abuse, breach of financial duty, and negligent hiring, training, supervision and management.
They are represented by Michael Shepherd of Chico.
An ad on the Bankers Life and Casualty Web page states: “We specialize in seniors.”