LOS ANGELES (CN) - Operating as Guardian Pre-Paid Legal Services, two men and two insurers abused senior citizens by claiming to offer advice on living trusts, then pushing unsuitable annuities "that paid the agents large commissions for minimal work," a class action claims in Superior Court. OM Financial Life Insurance and Superior Life Insurance Services persuaded old folks to take out reverse mortgages and use their home equity to buy the annuities "while exposing the seniors to growing debt," the class claims.
Also sued are Lee Summit and Jeff Milton, two people who did business as Guardian Pre-Paid Legal Services. Superior owned and controlled Guardian, and used it "to run a trust mill and generate annuity sales," the complaint states.
Plaintiffs demand restitution, an injunction and punitive damages. They are represented by Robert Gianelli.
Read the Top 8
Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.
Additional Reads
-
Signature Bank sued for fraud following FDIC takeover March 14, 2023 -
-
The pandemic missing: The kids who didn’t go back to school February 9, 2023 -
Former Georgia insurance chief argues for new trial on fraud charges December 13, 2022