Subject: File No. S7-14-08
From: Kenneth P Olshein
Affiliation: Financial Advisor

July 16, 2008

I am in favor of the SEC ruling, there is a lot of abuse with the agents selling Index Annuities and selling them as an investment to replace money invested in the market. There is nothing wrong with Index Annuities, it is the people selling them are not qualified to be giving investment advice and they can not offer other alternatives such as Variable Annuities, Mutual Funds, Mangaged Money and so on. I pesonally seen many agents tell people to move money from the market to Index Annuities with very long and high surrender charges that pay very high commisions and the client would have been better off in something else almost anything else. A prime example of this is Phillip Wasserman who owns Phillip Roy Financial has been abusing seniors for years selling Index Annuities that pay him the highest commissions and basically not much to the consumer.