July 15, 2008
FIDELITY INVESTMENTS LIFE INSURANCE—FRAUD BIG TIME
VARIABLE ANNUITIES—THE GIMMICK—TARGETING THE SENIORS
April 7, 2008—This begins the forth year for my annuity complaint on squeaky wheel and I hope that it has dissuaded many potential Fidelity Annuity Policy Holders. In fact my emails verify that many seniors have heeded my advice.
The presidential candidates have talked about corporate corruption and lobbyist corruption in the government of United States. The loss of my IRA savings through Fidelity Annuities is a prime example of this corruption. I have contacted Florida Senator Nelson, and Senators Charles Grassley, and Max Baucus. I received an aids form letter from Nelson and no reply from Grassley or Baucus. Incidentally, these officials are responsible for IRS regulations and annuity regulations to protect the United States citizens. Another development this year was that Mr. Daniel M. Hawke, Regional Director, United States, SEC sent me a huge package and it was my settlement instructions because the defunct investment firm PBHG had agreed to a SEC penalty, and to spend a few million to help with our losses. In the end, it was all smoke and mirrors and I did not get one penny, it turned out to be a waste of time. The warning here is that an annuity is not an investment, the SEC looks the other way no matter how much fraud is involved. Also, the insurance regulations do not apply therefore, when there is fraud, state regulators will also look the other way.
If you are considering an annuity I would like to point out some facts. Fidelity employees enjoy lavish employment benefits. Income, health care, dental care, retirement etc. When I was younger and working I did not always have these benefits. I did manage to save $57,779.00 for my IRA retirement and it was literally stolen to provide a lavish career for annuity employees who sit around and produce nothing. Your IRA, that you worked for is too precious to give away, so I caution you not to get involved in annuities.
This year I am able to post my image so everyone can see what an annuity fraud victim looks like.(click on image available) I am typical of many victims who have been conned out of their IRA savings. The other image is my 2007 form 1099R from Fidelity. My entire yearly income of $1045 is a sad predicament, and if divided into $57,779 means I would have to live 55 more years just to break even, and that is of course impossible. This is the nature of the annuity swindle. The life insurance takes your money upfront via a contract and those savings are then considered worthless and there is no reverse, your money is gone forever. Many seniors are too embarrassed to tell their family how they were swindled out of their savings. Be sure to click on the links at the bottom of the page to view professional videos produced by licensed California attorneys.
The Fidelity Investments Corporation has spent millions twisting the IRS regulations through their lobbyist so that seniors can legally lose their IRA savings and of course Fidelity Investments has become wealthier. Be careful with your 401K and IRA accounts, neither fund should ever be used to purchase an annuity. An annuity is, "deceitful life insurance" and is just another name for a scam to rob you of your retirement savings.
Senior citizens, who have been targeted by an insurance company, please heed my advice. Do not buy a variable annuity contract. Do not allow a salesman or an agent into your home. Do not attend free dinners called annuity workshops. These investments are unsuitable for the elderly and retirees. Read my horror story pick up on how I was bilked out of my entire IRA savings by Fidelity Investments. Yes, this is about the foremost firm, FIDELITY INVESTMENTS, the giant of the industry. They now advertise with the slogan smart move if you buy an annuity they will change their tune to dumb move they have blamed my losses on dumbness even though Fidelity Investments promoted the corrupt PBHG firm. Fidelity added the corrupt PBHG firm as a super investment choice and then took absolutely no responsibility for their stupidity when PBHG tanked.
In February of 1995 I was 57 years of age. I was happy and content with my retirement. I had $57,779.00 in an IRA account, it was my little nest egg to use in a few years. I was living in Rio Vista, CA.
Somehow, I was targeted by Fidelity Investments Life Insurance and I was told I could immediately start using my IRA money, without penalty, before age 59 1/2, that was the lure used by Fidelity. An appointment was set up for an agent to explain this program to me, in person, at my Rio Vista, CA home.
The first scam started when the agent showed up and did not tell us he was from Salt Lake City, Utah. (An out of state sales agent) His sales pitch convinced me I could use the immediate monthly income from an annuity, it was not disclosed he was selling "life insurance" or that Mr. Smiley was actually an insurance salesman. I was misled into thinking I was investing into a Fidelity mutual fund program. The instructions he gave me about the contract details such as single life contract, no guarantee, no beneficiary, no joint annuitant, and no IRA disclosure statement was presented, these details were all misleading and coordinated in favor of Fidelity. Now I understand, the more I was defrauded, the bigger the commission for the insurance agent. I have now ultimately lost the entire $57,779.00 IRA savings and I have nothing for my years of work and no retirement nest egg. Fidelity stated they did not send a Utah agent to my home but that is a big fat lie. California Regulators would not pursue an out of state insurance agent. The agent in question ultimately let his non-resident CA license lapse after my contract sale. (Cut and run)
My signed contract had only 8 Fidelity mutual funds as accounts in which I could invest, it was a simple contract. Scam #2 originated when Fidelity began to add accounts with outside firms (not even Fidelity supervised). One of these accounts was called PBHG. And, yes, this is the firm that was under investigation (SEC) for market timing. I did not know PBHG was not a Fidelity fund. Fidelity sent me material brochures that stated this investment—PBHG—was up in value, over 100% and doing great. The true fact was PBHG was poorly rated and always has been poorly rated. I switched to PBHG at $45.00 a share and when it was learned PBHG was under SEC investigation for violations it dropped to $1.15 a share.
Fidelity immediately stated to me that they were not responsible for the dishonest PBHG firm. I cried foul and filed complaints with the California Insurance Commissioner, the SEC, my Congressman, and the IRS, just to name a few. Believe me, these agencies will take your complaint but no one will ever help you get your money back. The politicians and lawyers will admit agents that sell annuities are nothing more than con artists and the Insurance Companies that employ these sales agents are as crooked as any thief you will ever meet but they will never take any remedial action.
Stay away from annuities with any company, annuities are not investments, annuities are "deceitful life insurance". It is such a dumb idea to pay a lump sum premium and risk losing everything. I ultimately lost my money, I was scammed all the way into the ground and lost my entire IRA savings.
Due to email blocking, mail your correspondence regarding this complaint to President Fidelity Annuities, or David J. Pearlman, Secretary, Fidelity Investments Life Insurance Company, 82 Devonshire Street V12A, Boston, MA 02109 Phone (617) 563 7000 or (603) 791 6831
Reply Contact: Alice J. Adam Email georgeadam@earthlink.net
Phone 863-465-7496
Thanks very much for your support.
Alice J. Adam
This page has been viewed over 6000 times
Thanks very much for your support.
Alice J. Adam
http://www.thesqueakywheel.com/complaints/2006/APR/complaint8728.cfm
Footnote: What is the SEC doing about VAs and VUL?
If this were a FIA Alice would have LOST NO MONEY.