ComplaintsforMichael J Travers & Associates

• Initial Complaint

  07/19/2024

  Complaint Type:

  Order Issues

  Status:

  Unanswered

  More info

  The complaints include:1) Falsifying documents in order to sell an annuity.2) Lying to the policyholder, stating that buying this annuity will "increase profits", when in reality the rate went from 2% to a 1% fixed rate. 3) By manipulating the funds in her Charitable Trust, and without having a copy of that trust, he (they) have created a huge financial burden upon my mother, the policyholder.4) Selling an annuity in a state in which the ******** Insurance Agent is not *********** Selling multiple annuities to my mother which were and are, unsuitable investments.6) I believe this is ***************** Abuse by taking advantage of my 88 year old mother.Michael ********************** over several decades has sold my mother low rate, high commission annuities. the most recent one, August of 2017, and is still in force. The application for that annuity, which Mr. ********************** filled out himself, states that any knowingly, false information provided is a criminal offense. The information was false and he knew it. There was no copy of the trust in place when the annuity was purchased. Mr. ********************** has manipulated the funds in that trust several times, rolling from one annuity to another. She cannot access her portion of the funds and there is a surrender fee until she is age 93.My mother became quite isolated during the Covid Pandemic and no longer managing her personal business and finances properly. She appointed me as her acting ***** of ********* I knew nothing of these matters until I became her POA and have spent hours upon hours sifting thru all of these documents and finally have a chronological pattern and the evidence as basis for my complaints.I would like Mr. ********************** to pay the $70,0000 it will cost my mother, this year, to reclaim the funds in that annuity. I will conclude by saying that these same complaints are being filed with The BBB of *******, The Arizona and ************************* of ********** as well as ************************ for both states.

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