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I put money in an annuity that was to mature, like a CD. Now, they say it's till I retire in 15 years. What to do I do?

Asked over 2 years ago - Los Angeles, CA

A financial advisor on an annunity account contacted me about investing some of my inheritance. I purchased a 'non-qualified' annuity that was to mature in 6 years. He then left the company without sending me, my copy of the contract. Asked I was given the run around. Determined to transfer my $ elsewhere I contacted another annunity company. An advisor of this other company steals some of my records and sneaks a contract into my paperwork. I contacted to incident to the SEC, they told me no securities were involved and the person I named wasn't licensed nor required to be licensed. I'm at a lost as to what to do now.

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Attorney answers (2)

Henry Daniel Lively

Reputation Level 20

Answered over 2 years ago. Tax Lawyer in Costa Mesa, CA.

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An annuity is a contract, and you need to put together the elements that form the basis of this contract, both written and oral. There should be an insurance company involved in the underwriting of this contract. Contact the insurance company and see what their position is with regard to this annuity. If you do not get satisfaction with the company, seek an attorney that works in the investment fraud area.

Disclaimer - This presentation does not constitute legal, accounting or other professional advice. Only through a personal, confidential consultation with qualified legal counsel can anyone properly evaluate their own unique estate planning challenges and determine what, if any, appropriate legal strategies and tactics should be implemented to meet those challenges.

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Janet Lee Brewer

Reputation Level 16

Answered over 2 years ago. Estate Planning Attorney in Palo Alto, CA.

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First, contact the company where advisor #1 worked and file a formal complaint with them. Second, at the same time, contact the Cal. Dept. of Insurance. Annuity sales people are licensed by the Dept. of Insurance in California. Depending on your age, you have a short period of time in which to back out of the contract at no charge, so DO NOT DELAY. If your signature was forged on the contract, you may have a fraud claim as well.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

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