The financial advisor borrowed money against my mother's life insurance policy. We had a lien on his home, now he wants us to sign Quit Claim Deed. My mom passed away 7 years ago. Her financial advisor had borrowed $20,000 against her life insurance policy and told her not to worry, her trust she had set up for us kids had a lien on his house so he assured her he was good for the money. When she passed away of course he didn't pay back the money and we were 3 or 4th in line if he ever sold the house. We paid a lawyer but weren't getting anywhere and had to pay crazy attorney fees. It was too stressful at the time to continue with a lawsuit so we let it go. Now the financial advisor is sending me, as trustee, a Quit Claim deed saying the statute of limitations is up and we need to release the lien against his house or he will sue the trust. There is nothing in the the trust and I don't know how these things work but I don't have the energy to battle the scum bag. I never cared about getting the money from him but that fact that he took advantage of my elderly mother just burns me up inside. I do want to report his actions and not have him come after me for defamation of character. Any advice would be greatly appreciated. This happened in Arizona and I think he is still practicing as a Financial Advisor and a Real Estate Agent.
Do so quick before statute of limitations and make sure you have plenty of documentation to support.
I used to work in the securities industry. FINRA (national) oversees financial advisors, if they are securities-industry licensed. If the advisor was an RIA (registered investment advisor) then I believe each state's attorney general oversees them. You may also want to check out what the SEC's website offers in terms of assistance.
The regulators are extra vigilant when elder fraud is involved. They have the authority to revoke the advisor's license; they may be able to assist with some recovery if they find against the advisor and do a disgorgement. Hope this is somewhat helpful to you.
Actually- that's a serious question. Does is work out of an office, affiliated with a bank or brokerage company? What type of license does he have and who was the issuing authority? You need to find that out exactly, if you hope to file a complaint.
I have a financial advisor - the most personal contact we have is that he sends me a vague, generic "winter celebration" card in between thanksgiving and Christmas. I can't even fathom the possibility of lending money to him or attaching any of his personal property to one of mine or my family's accounts!
The whole thing stinks to high heaven. How come your attorney- when you had one - didn't file charges in the very beginning? This has to be illegal, unethical and immoral in a dozen different ways.
I'm not criticizing- but if it were me I would have fought this until the bum was out on the street - even if it took the entire recovered $20,000 in attorney fees to make it happen. But that's just me.