Gustafson Nicolai pc recently resolved an accusation brought by the California Department of Insurance against an insurance licensee. The accusation accused the licensee of misdating client information on annuity applications in order to receive higher commissions, as well as engaging in annuity switching, or twisting, in order to receive further commissions, causing the licensee’s clients to suffer surrender charges. The licensee faced a permanent revocation of his insurance license and exorbitant fines, penalties and restitution. The lawyers at Gustafson Nicolai pc provided zealous advocacy on behalf of their client and worked with the prosecuting attorney at the Department to reach a settlement wherein the licensee was able to maintain his license and pay a lesser amount to the Department than he would have otherwise.
Gustafson Nicolai pc’s attorneys have extensive experience defending insurance agents and brokers, securities broker-dealers and registered representatives, registered investment advisory firms and investment advisor representatives against audits, inspections, examinations, inquiries, enforcement actions, and accusations brought by regulatory agencies such as the SEC, FINRA, and the Insurance Commissioner. We are ready and able to assist you in your matter.
Uploaded by Adam C. Nicolai, esq.
October 17, 2014