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CFO Backs Senior Fraud Protection

March 11th, 2009 by flanews

Floridas Chief Financial Officer is backing legislation to keep insurance agents from ripping off seniors by twisting their annuities.

Twisting happens when an agent convinces a client to take money out of one investment and put in a new one for the sole purpose of making a commission. The switch normally costs the investor a huge fee. Legislation to make twisting a seniors investments a felony is gaining support in Tallahassee. Florida Chief Financial Officer Alex Sink said agents involved in twisting can rip off dozens of people before theyre caught.

The bar is set very very high to identify. Its kind of like you know them when you see them. The guys who are out to scam seniors, theyre not out scamming one, there is a pattern of behavior here and so its pretty easy. The line is not that fine, said Sink.

Since Sink began pushing this legislation dozens of seniors have reported being ripped off by their agents. Just this week two Florida men accused of cheating seniors out of thousands of dollars were arrested.

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