Insurance Annuities Forgery

[noobdad]

What is the name of your state (only U.S. law)? NY

My mothers annuity was robbed. This guy (her son) forged documents and cashed out her annuity that her mother had for her after she died. It was with John Han****. I was told that because these things are not federally insured, she is basically SoL. Has anyone ever dealt with this type of thing? and is it true that she is now screwed and no way to get the money back?

 

[seniorjudge]

And how did bad son accomplish this?

 

[Dandy Don]

Did she have a last will and testament that was probated in court and was someone named executor?

How much was in the annuity?

What month and year did this happen?

Does anyone know whether this son had gotten a signed power of attorney from his mother or not?

If you know exactly what documents he presented to them, please name them here.

I don't know what SOL stands for, but the situation is not hopeless.

DANDY DON IN OKLAHOMA ([email protected])

 

[Dandy Don]

The executor of the estate or another closely related family member will need to check with the annuity company to find out exactly what documents he presented/forged and discuss with the annuity company exactly what happened. Normally the decedent should have filled out a beneficiary designation form at the time she purchased the annuity, but if no beneficiary was designated this money should have been paid to her estate.

After the company finds out what actually happened (they may not know they have been defrauded or misled), the executor can ask them to send a letter to the brother asking him to return the money or face criminal penalties. If they won't send the letter or if brother does not return the money, then the executor or family member will need to file a complaint with the police about this theft so that the police or the family member can then file charges in civil court against brother for his crime.

DANDY DON IN OKLAHOMA ([email protected])

 

[noobdad]

this is exactly what she told me..

Yes she had a will but in it she stated that she had made other provisions for me, her daughter. My aunt was named as the executor. The annuity was originally for 85,000 dollars but with interest my aunt felt it was worth 100,000-120,000.

My son at the time was her POA and in June of 2005 cashed in the annuity. He is now in jail in Delaware County. He admitted to taking the money and was sentenced to 3 years. All in all he stole $875,000 dollars from her estate, including stocks, bonds, insurance, savings etc. The John Han**** Gourp states they are not federelly insured.

My mother at the time was very ill and barely knew what was what as she was on heavy duty pain meds. At his sentencing he signed something that would allow him to be sued. I can't recall what it was called. Not long before her death my aunt realized something was going on and my mother changed her POA but it was too late.

 

[noobdad]

SoL stands for **** outta luck... lol

 

[noobdad]

so basically if the courts cant get any money out of him, the estate is lost?

it just seems so wrong that an insurance company cant be held responsible at all for not taking extra precaucions to make SURE the person they're giving the money to is the right person.. basically anyone who can copy a signature can cash out a 100k estate and the company can't be held responsible?

 

[Dandy Don]

Why have you waited so long to do anything about this?

You still do not know or have not provided details of EXACTLY what documents he presented to John Han****. Are you assuming he only presented POA? Would he have filled out a beneficiary designation form? If he used POA to change beneficiary designation, if that is against NY state law then you may have a case because the company should not have accepted that POA change, but you have to also admit that the company was defrauded--they had no real way of knowing that his documents were not genuine. You can consult with a business law attorney to find out IF you have grounds to sue them because they do appear to have been somewhat negligent in checking/verifying details (their being federally insured or not is not really relevant), but whether or not you sue the company, you will still have to sue brother to get a judgment against him (it's somewhat hard to believe he would have spent all of the money by now) so that even if he begins working again if you have the judgment you will be able to collect on it by garnisheeing his paycheck. Talking to John Han**** may not do any good because they are probably afraid to give out any details about what actually happened because they fear being sued.

DANDY DON IN OKLAHOMA ([email protected])