Complaints

• Initial Complaint

  08/01/2024

  Complaint Type:

  Product 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.Mr. Morici and his business partner ******************************** have taken advantage of my mother by lying to her, selling annuities in a state where they are not licensed, and falsifying information on at least one annuity application. They have manipulated funds in her charitable trust without even having a copy of the trust. There has been no follow up with my mother since they sold her these unsuitable investments and she is stuck with a surrender fee until the age of 93. She has already paid one surrender fee in the amount of $212,000.My mother became very isolated during the Covid Pandemic, was no longer managing her personal business and finances properly. 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 a full explanation from both these men, and a refund of $270,000 in surrender fees.I will conclude by saying that these same complaints are being filed with The Arizona and ************************* of ********** as well as ************************ for both states.

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