The Utah Division of Securities has imposed a $100,000 fine on an insurance agent in connection with the division’s concerns about the agent’s retirement planning seminars.
Utah Securities Division officials allege that an agent misled seniors who attended his seminars.
The agent advertised the seminars as retirement education seminars, but they really were sales presentations for variable annuities and a few other products that he was licensed to sell, Utah division officials allege.
The “seminars were designed to make seniors believe they could purchase investments that would earn almost all of the increase of a rising stock market and protect them against any decreases in the stock market,” officials allege.
The individual failed to disclose important information about the fees and withdrawal penalties associated with the variable annuities he was selling, officials allege.