Subject: File No. S7-14-08
From: Roger B. Morgan
Affiliation: Former Series 7, 63 65 holder

August 12, 2008

As a former stock broker and insurance agent I have witnessed the most deceptive and underhanded sales techniques used regarding annuities of all types. Particularly grevious are individuals licensed only as
insurance agents selling indexed annuities. I have been
present when insurance agents told their prospective buyers
that they would probably realize a 11 to 12% return on their
investment. These agents did not even know what the particular index reflected or was comprised of. This blatant abuse is endemic throughout the insurance industry
The largest companies push annuity products because of the higher payout. Unscrupulous agents push annuities on their clients for the same reason. The only annuity that should'nt be a registered security is the fixed annuity.
Index annuities, variable annuities and variable universal life should all be governed under the SEC because their
basis is all securities. I thought the mutual fund business was bad for clients until I saw something worse-
insurance agents selling annuities. May God help the poor clients, they certainly have gotten the shaft from the
cosy relationship of industry and government