DOL – Letters – Comments – Testimony

DOL – Fiduciary – Government Hearings

  • 2016 – Congresswoman Ann Wagner (R-MO) discusses how the Administration’s “Fiduciary Rule” is really just Obamacare for Americans’ savings accounts. – youtube.com/watch?v=-_NeKxGmvpw
  • 2011 0211 – GOV (House) – Emerging trends at the National Labor Relations Board, Phil Roe (R-TN)
    • [PDF-xp-GooglePlay, VIDEO-?]
    • House – Committee on Education and the Workforce – Subcommittee on Health, Employment, Labor and Pensions
    • 3 See NLRB v. Insur. Agents’ Int’l Union, 361 U.S. 477, 489 (1960), where the Supreme Court referred to the bargaining contemplated by the Act, and observed that the parties “proceed from contrary and to an extent antagonistic viewpoints and concepts of self-interest. * * * The presence of economic weapons in reserve, and their actual exercise on occasion by the parties, is part and parcel of the system that the Wagner and Taft-Hartley Acts have recognized.”
  • 2011 0712 – GOV (Senate) – Enhanced Investor Protection After The Financial Crisis, Tim Johnson, (D-SD)  —  [BonkNote]
    • [PDF-132, VIDEO-Senate Page]
    • banking.senate.gov/hearings/enhanced-investor-protection-after-the-financial-crisis
    • Surveying The Investor Protection Provisions Contained In The Dodd-Frank Wall Street Reform And Consumer Protection Act One Year After Its Implementation
    • Senate – Banking, Housing, and Urban Affairs
      • 2011 01 – GAO – Consumer Finance: Regulatory Coverage Generally Exists for Financial Planners, but Consumer Protection Issues Remain, Government Accountability Office – Full Report – 51p
    • ⇒ 02:05:00 – David Massey – NASAA – North American Securities Administrators Association – Best Interest – Conflicts of Interest – Holding self as a Fiduciary. – 11p
    • 02:06:00 – DOL – Fiduciary Rule – Lack of Coordination – SEC – 
  • 2011 0726 – GOV (House) – Redefining ‘Fiduciary: Assessing The Impact Of The Labor Department’s Proposal On Workers And Retirees, David P. Roe (R-TN)
    • [PDF-150p. 
    • House – Committee on Education and the Workforce – Subcommittee on Health, Employment, Labor and Pensions
  • 2013 1218 – Testimony – ACLI – GOV (Senate) – The Role of Social Security, Defined Benefits, and Private Retirement Accounts in the Face of the Retirement Crisis – 63p
  • 2013 0131 – GOV (Senate) – CSPAN – Retirement Savings
    • [PDF-p, VIDEO-CSPAN]
    • Senate – Committee on Health, Education, Labor, and Pensions 
  • 2014 0916 – GOV (Senate)
    • [PDF-xp, VIDEO-CSPAN]
    • Senate – Senate Finance Committee
  • 2015 0617 – GOV (House) – Restricting Access To Financial Advice: Evaluating The Costs And Consequences For Working Families And Retirees, David P. Roe (R-TN)
  • 2015 0721 – GOV (Senate) – Restricting Advice and Education: DOC’s Unworkable Investment Proposal for American Families and Retirees, Johnny Isakson (R-GA)
    • (PDF-64p,  VIDEO-CSPAN-01:43:18]
    • Litan. Robert, Economist and Attorney
    • Schneider, Peter, President, Primerica Inc.,
    • Miller, Darlene, President and CEO. PERMAC Industries
    • Puritz, Scott, Managing Director, Rebalance IRA,
    • Senate – Committee on Health, Education, Labor, And Pensions
      – Subcommittee on Employment and Workplace Safety
  • 2015 0930 – GOV (House) – DEPARTMENT OF LABOR’S PROPOSED FIDUCIARY RULE, Peter Roskam (R-IL) 
  • 2019 0514 – GOV (Senate) – CSPAN – Senate Hearing on Retirement and Financial Security

 

  • 2024 0215 – GOV (House) – Protecting American Savers and Retirees from DOL’s Regulatory Overreach, Bob Good (R-VA)
    • [PDF-, VIDEO-YouTube-02:06:21]
    • edworkforce.house.gov/calendar/eventsingle.aspx?EventID=410108
    • Opening statement:
    • Witnesses:
      • NAIC – Doug Ommen, Insurance Commissioner, Iowa Insurance Division – 6p
      • Groom Law Group – Thomas Roberts, Principal, Groom Law Group – 6p
      • PIABA –  Joseph C. Peiffer, President, Public Investors Advocate Bar Association  —  [BonkNote]  —  30p
      • IRI – Jason Berkowitz, Chief Legal and Regulatory Affairs Officer, Insured Retirement Institute – 197p
    • 25 – NAIC – Doug Ommen, Insurance Commissioner, Iowa Insurance Division
    • Subcommittees on Health, Employment, Labor, and Pensions; Higher Education and Workforce Development

IRA Reboot

  • 2021 – LC – Dolores Stegelin, Wayne Gugel, and Anne H. Rack v. Pacific Life Insurance Company, Minnesota Life, Securian, Shurwest, Melanie Schulze-Miller, Chris Dixon, Few Casson, 
    • Civil Action – 3:21-cv-01444-BHH
  • 2022 0302 – Reif Law Firm – 12 Million Awarded to Two California Senior Citizen Victims Of Insurance Sales Scam – [link]
    • 2019 – LC – Gloria S. Rodillas v. CMAM, Inc. dba Heritage Financial Services, et al, Los Angeles Superior Court, Case No. 19STCV21497
    • 2021 – LC – GLORIA SALVADOR RODILLAS, Plaintiff and Appellant, v. SHURWEST, LLC, et al., Defendants and Respondents. COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT DIVISION ONE, May 20, 2021
      • B304834
      • Reif Law Group, Brandon S. Reif, Ohia A. Amadi, and Lisa M. Foutch for Plaintiff and Appellant. DLA Piper, Jeanette Barzelay, Evi Schueller, and Hector E. Corea for Defendants and Respondents.
    • 2021 – LC – Gloria Salvador Rodillas v. Minnesota Life Insurance Company
      • California Central District Court – Stanley Mosk Courthouse
      • 2:2021cv09256
      • 11/29/2021 to 02/25/2022 
    • 2019 – LC – Emma A. McKinnon v. CMAM, Inc. dba Heritage Financial Services, et al., Los Angeles Superior Court, Case No. 19STCV21598.
      • The disputes involved an insurance program, known as the IRA Reboot, which targeted vulnerable senior citizens visited by insurance agents in their homes.
      • During these visits, the agents recommended the elderly clients to liquidate their assets, including retirement accounts, cash-on-hand, other insurance products, and securities, to invest in Future Income Payments, Inc. (FIP) and Minnesota Life Insurance Company (MLIC) life insurance policies.
  • – LC – KOLETTE A. PAGE VS MINNESOTA LIFE INSURANCE COMPANY
    • Pacer
    • Robert Rikard
  • 2020 – The Bombshell Battleplan: How to Defend Against the IRS’ Secret Weapon, by David Phillips and Tom Phillips – 46p
    • p11 – Ed Slott – CPA, National IRA Expert – “Your retirement account beneficiary form is the single most important document in your estate plan because it guarantees that the individuals you name as beneficiaries of what may be the single largest asset you own – your retirement savings – will indeed get that asset when you are gone.”
    • p26 – The IRA Reboot
      • Family Bank Strategy
      • RMD Leverage Strategy
      • p30 – The RMD Leverage Strategy and The IRA Reboot have been a focus of my firm, Estate Planning Specialists for over 30 years.
  • – LC – 36.2–Ayers-v-Dixon-Complaint.pdf – Receiver Kohn FIP
receiverkohnfip.com
http://www.receiverkohnfip.com › pleadings › 36….
PDF
Jan 24, 2020 – … IRA Reboot Program. 2. ELECTRONICALLY FILED – 2019 Apr 17 10:21 AM – ANDERSON – COMMON PLEAS – CASE#2019CP0400752. Exhibit B. 6:19-cv-01112-BHH …
  •  – LC – Galen Hess and Jean Hess v. Edward Storer, Edward Storer & Associates, Financial Gravity Wealth, Faw Casson & Co., LLP, Shurwest, LLC, and Minnesota Life Insurance Company,
    • – LC – Shurwest, LLC, Third-Party Plaintiff, v. MJSM Financial, LLC and Melanie SchulzeMiller, 
    • Civil Action No.: 2018-CP-23-04010
    • SOUTH CAROLINA COUNTY OF GREENVILLE
    • IN THE COURT OF COMMON PLEAS FOR THE THIRTEENTH JUDICIAL CIRCUIT

Doug Andrew - Lawsuits

  • 1982-2023 - [More Below]
    • 1982 - LC - Investors Life Insurance Company v. Doug Andrew
    • 2011-2014 - LC - Eddie Cressy v. Doug Andrew - OM Financial Life Insurance Company - Fidelity & Guaranty Life  ---  [BonkNote]
    • 2012 - LC - Meiling Children Ltd. v. Douglas Andrew and his company, Paramount Financial Services
      • 2012 0809 - CourthouseNews.com - Radio Financial Guru Sued for $427,000, by Johnny Bonner - [link]
    • 2021 - State of Idaho, Department of Finance, Securities Bureau vs. Douglas Reid Andrew - 2017-7-15-F - Paramount Financial Services, Inc. D/B/A Live Abundant; Aaron Reid Andrew; Marcus Kent Maxfield; Jeremy Alma Watson; Gregory Duckwitz; J. Scott Reynolds; and Leland Whiting
      • Complaint - 27p 
      • Marcus Kent Maxfield - Settlement - 14p
      • FIP - Future Income Payments and Woodbridge
      • Docket No. 2017-7-15-F
      • STIPULATED ORDER RESOLVING ADMINISTRATIVE COMPLAINT RE RESPONDENT MARCUS KENT MAXFIELD
      • The Department and one of the Respondents - Marcus Kent Maxfield ("Respondent Maxfield") -- have agreed to resolve this matter without a public hearing (resolution of the matter with other Respondents has or will be addressed in separate settlement documents).
    • 2020 0129 - SEC - In the Matter of Paramount Financial Services, Inc. d/b/a Live Abundant - [Doug Andrew] - Release No. 88070 - ADMINISTRATIVE PROCEEDING - File No. 3-19680 - [Woodbridge]  ---  [BonkNote]  ---  3p
      • 2018 - LC - SEC - Live Abundant and Aaron Andrew - [Woodbridge] - California - Case 2: 18-cv-l 0481, U.S. District, Central District of California
    • 2020 - LC - Ashmore v. Paramount Financial Services Inc - FIP - Future Income Payments - [Doug Andrew]  ---  [BonkNote]
    • 2022 - LC - STATE OF UTAH ATTORNEY GENERAL - [Sean Reyes] vs. ANDREW, DOUGLAS REID - 221903116
      • Case Number - 221903116 - State Felony  
      • Filed - 2022-03-30
      • THIRD JUDICIAL DISTRICT - SALT LAKE COUNTY DISTRICT COURT
      • SALT LAKE, STATE OF UTAH 
      • Current Assigned Judge - PATRICK CORUM
    • 2023 - LC - Kyle HOLDAWAY vs. LIVE ABUNDANT - [Doug Andrew] - 230905795
      • Case Number - 230905795 - Contracts
      • Complaint - 18p
        • The State of Utah brought criminal charges against Andrew and Andelin in the Utah Third District, Hon. Patrick Corum
          • Utah v. Douglas Reid Andrew - No. 221903116 - <WishList - Where? - not on https://apps.utcourts.gov/XchangeWEB/SearchServlet as of 2025 0704>
          • Utah v. Anthony Andelin - No. 221903125
        • Holdaway was a prosecution witness in a preliminary hearing held on or about April 19, 2023 to April 21, 2023, Room N42, Matheson Courthouse. In July 2023, representatives of the Utah Attorney General's office indicated the following update to Holdaway:
      • ORDER GRANTING STIPULATED MOTION TO DISMISS WITH PREJUDICE [Bonk: re: Allianz Life, not Doug Andrew] -  30905795 - 2p
        • Plaintiff 's claims against Allianz Life are hereby dismissed with prejudice and Allianz Life is dismissed from this lawsuit.

  • 2017 - LC - In re Woodbridge Group of Companies, No. 1:17bk12560 (Bankr. D. Del.)
  • 2018 - LC - In re Woodbridge Investments Litigation Related Case(s): 2:18-cv-00103-DMG-KS (Searles, Donald)
  •  2018 - LC - SEC v
  • 2019 - LC - James Paul Braybrook v. Minnesota Life Insurance Company et al
    • 2:19-cv-01137-SVW-JPR
    • Stephen V. Wilson, presiding
    • Date filed: 02/14/2019, Date terminated: 06/18/2019, Date of last filing: 08/27/2019
    • JAMES PAUL BRAYBROOK, an individual and on behalf of his individual retirement account, Plaintiffs, v. MINNESOTA LIFE INSURANCE COMPANY, a Minnesota corporation; AARON R. ANDREW, an individual; PARAMOUNT FINANCIAL SERVICES, INC. dba LIVE ABUNDANT, a Utah corporation; and DOES 1-10 Defendants.
    • Doc 1 - LC - 2:19-cv-01137-SVW-JPR -  Doc 1 - Braybrook v Minnesota Mutual - Doug Andrew COMPLAINT FOR: 1. PROFESSIONAL NEGLIGENCE 2. NEGLIGENT MISREPRESENTATION 3. BREACH OF FIDUCIARY DUTY 4. CAL. FINANCIAL ELDER ABUSE 5. VIOLATIONS OF CALIFORNIA BUS. & PROF. CODE §17200, ET SEQ. - DEMAND FOR JURY TRIAL - 18p
    • Doc 28 - REPORTER'S TRANSCRIPT OF PROCEEDINGS Los Angeles, California - Monday, March 25, 2019 - 18p
    • Doc 31 - NOTICE OF SETTLEMENT AND JOINT STIPULATION AND REQUEST TO VACATE ALL DEADLINES 
  • 2018 - LC -  Honig v. Kornfeld - Doug Andrew
    • re: Woodbridge
    • 9:18-cv-80019-DMM - MDL - Judicial Panel on Multidistrict Litigation, 01/06/2018 - Open
    • Donald M. Middlebrooks, presiding
    • Date filed: 01/06/2018, Date terminated: 06/07/2019
    • Doc 1 - Complaint - 38p 
    • Doc 75 - Defendants Paramount Financial Services, Inc.'s and Douglas R. Andrew's Motion to Dismiss Plaintiffs' First Amended Complaint and Incorporated Memorandum of Law - 75p
    • Doc 87 - Defendants Paramount Financial Services, Inc.'s and Douglas R. Andrew's Unopposed Motion to Attend the Scheduling Conference Telephonically - 7p
  • 2018 - LC - Securities and Exchange Commission v. Robert S. Davis Jr. - [Woodbridge]
    • 2:18-cv-10481-FMO-JC
    • Fernando M. Olguin, presiding
    • Date filed: 12/18/2018, Date terminated: 02/18/2020, Date of last filing: 06/29/2023
    • Doc 1 - Complaint - 18p
      • Andrew and Live Abundant: From November 2015 through July 2017 - approximately $1.8 million in transaction-based commissions earned as a result of raising approximately $43 million from 350 investors in 9 states.
    • Doc 174 - JUDGMENT AS TO DEFENDANT AARON R. ANDREW - 6p
    • Doc 191 - FINAL JUDGMENT AS TO DEFENDANT AARON R. ANDREW -
      • IT IS ORDERED, ADJUDGED, AND DECREED that Andrew is liable for disgorgement of $136,539.85 representing net profits gained as a result of the conduct alleged in the Amended Complaint, together with prejudgment interest thereon in the amount of $19,587.65, and a civil penalty in the amount of $75,000 pursuant to Section 20(d) of the Securities Act of 1933 and Section 21(d)(3) of the Securities Exchange Act of 1934.
      • Defendant shall satisfy this obligation by paying $231,127.50 to the Securities and Exchange Commission pursuant to the terms of the payment schedule set forth in paragraph II below after entry of this Final Judgment. 
    • Doc 192 - Filed & Entered: 01/21/2021 - FINAL JUDGMENT AS TO DEFENDANT PARAMOUNT FINANCIAL SERVICES, INC., D/B/A LIVE ABUNDANT
      • IT IS ORDERED, ADJUDGED, AND DECREED that Live Abundant is liable for disgorgement of $647,197.41 representing net profits gained as a result of the conduct alleged in the Amended Complaint, together with prejudgment interest thereon in the amount of $103,466.90, and a civil penalty in the amount of $100,000 pursuant to Section20(d) of the Securities Act of 1933 and Section 21(d)(3) of the Securities Exchange Act of 1934. Defendant shall satisfy this obligation by paying $850,664.31 to the Securities and Exchange Commission within 30 days after entry of this Final Judgment. (iv)
  • 2019 - LC - Woodbridge Liquidation Trust v. Aaron Andrew - 19-50186-JKS - Docket - 5p
    • Date filed: 03/29/2019 Date of last filing: 05/25/2021
    • Case type: ap Related bankruptcy: 17-12560-JKS Bankruptcy Judge: J Kate Stickles
    • Doc 1 - COMPLAINT OBJECTING TO CLAIMS AND COUNTERCLAIMING FOR AVOIDANCE AND RECOVERY OF AVOIDABLE TRANSFERS AND FOR EQUITABLE SUBORDINATION - 31p
  • 2019 - LC - Raul A. Ramirez v. Penn Mutual Life Insurance Company - Doug Andrew - Paramount - Leland Blair Whiting
    • 2:2019cv07426
    • re: FIP - Future Income Payments
    • California Central District Court
    • 08/27/2019, 09/10/2020
    • Document 1 - Complaint - Filed 08/27/19 - 18p
      • PLAINTIFF'S COMPLAINT FOR:
        • 1. PROFESSIONAL NEGLIGENCE
        • 2. BREACH OF FIDUCIARY DUTY
        • 3. INTENTIONAL DECEIT/FRAUD
    • Document 3 - Notice of Related Cases - 3p
    • Document 17 - Answer to Complaint - 10p
      • 26. Defendants admit that the "strategy was presented to the Plaintiff as a tax vehicle," but deny that it was presented as "part of an investment strategy." Defendants are without sufficient knowledge or information to admit or deny the remaining allegations contained in Paragraph 26.
      • 28. Defendants admit they were aware Plaintiff was funding his IUL with "qualified funds and non-qualified cash savings." Defendants are without sufficient knowledge or information to admit or deny whether the "monthly premiums were derived about one-half from Plaintiff's IRA and one half from his non-qualified retirement savings at his parishioner's credit union account." Defendants deny the remaining allegations contained in Paragraph 28.
      • 32. Defendants deny that "[it] (FIP) was an unlawful, concentrated and illiquid investment in a high-risk, non-qualified asset."
      • 38. Defendants admit that "[p]rior to purchasing the life insurance policy, Plaintiff informed Defendants . . . that he intended to fund the premiums with qualified tax-deferred assets and liquid retirement savings." Defendants deny the remaining allegations contained in Paragraph 38.
      • 41. Defendants admit that Plaintiffs, with the assistance of Whiting, completed and submitted a "policy application through Allianz on behalf of Plaintiff" and that the "Alliance policy application was declined due to Plaintiff's medical history and preexisting condition." Defendants deny the remaining allegations contained in Paragraph 41.
      • 45. Defendants deny that they "placed" Plaintiff in the "FIP structured cash flow product." Defendants are without sufficient knowledge or information to admit or deny the remaining allegations contained in Paragraph 45.
      • 46. Defendants deny that they "placed" Plaintiff "into the PMLIC IUL policy and FIP." Defendants are without sufficient knowledge or information to admit or deny the remaining allegations contained in Paragraph 46 and therefore deny the same.
      • AFFIRMATIVE DEFENSES
    • Document 20 - DEFENDANT THE PENN INSURANCE AND ANNUITY COMPANY'S ANSWER TO COMPLAINT - Filed 10/24/19 - 17p
      • 30. Referring to the allegations of paragraph 30, admits that it issued an Accumulation Builder Advantage IUL policy ("the Policy"), with an issue date of May 30, 2017, which policy contained an Application Amendment, signed by Plaintiff on June 12, 2017, amending the January 28, 2017 application in Section C, to reflect a supplemental term amount of $177,182, a face amount (excluding riders) of $708,728, and a total initial coverage amount of $885,910. PIA further admits that the Policy listed a planned initial monthly premium of $6,346.39, with a guideline annual premium of $41,427.70, and on the Policy Specifications Page (which is page 3 of the Policy), there is an Overloan Protection Benefit rider listing a minimum age of 75, minimum years of 15, specified loan percentage of 96%, and a one time charge of 3.5%. PIA further admits that the Policy otherwise speaks for itself. Except as so admitted, PIA denies the allegations in paragraph 30.
      • 44 .............. With respect to the third sentence of paragraph 44, PIA alleges that, based on the information supplied with the application, which it relied upon, PIA had no basis or obligation to make any inquiry, protest or question Plaintiff's payment of the insurance premiums and that it had no information that any premiums were being made from tax-deferred funds, assets or savings, and except as so alleged, PIA denies the allegations in the third sentence of paragraph 44.
      • 48. Referring to the allegations of paragraph 48, PIA denies that it has ever "had a history of preying on senior citizens," or had any information or belief that other defendants named in this action had such a history.
      • 49. Referring to the allegations of paragraph 49, PIA denies that it had any information that FIP was being investigated by regulators due to predatory lending practices.
      • 54. Referring to the allegations of paragraph 54, PIA denies that any of the "knowledge" set forth in the allegations is or can be imputed to PIA (or Penn Mutual).
      • AFFIRMATIVE DEFENSES FIRST DEFENSE
        • FIRST DEFENSE - (FAILURE TO STATE A CLAIM FOR RELIEF)
          • 1. PIA alleges that the Complaint fails to state a claim upon which relief can be granted.
        • SECOND DEFENSE - (ACTS OR OMISSIONS OF OTHERS)
          • 2. PIA alleges that the injuries and damages alleged by Plaintiff, if any, were the direct and proximate result of the wrongful conduct or other actions of parties other than PIA, including but not limited to Plaintiff. Accordingly, PIA's liability, if any, is limited in direct proportion to the percentage of fault, if any, actually attributable to PIA.
        • THIRD DEFENSE - (FAILURE TO MITIGATE)
          • 3. PIA alleges that Plaintiff has failed, refused, and/or neglected to take reasonable and/or necessary steps to mitigate any damages allegedly incurred as a result of PIA's alleged conduct, thus barring, or at least reducing, any recovery in this action.
      • Document 39 - Notice of Settlement - Filed 07/27/20 - 2p
  • 2020 - LC - Ashmore v. Paramount Financial Services Inc - FIP - Doug Andrew  ---  [BonkNote]
    • re: FIP - Future Income Payments
    • 20-cv-01357
    • 04/08/2020, 12/08/2023
    • BEATTIE B. ASHMORE, IN HIS CAPACITY AS COURT-APPOINTED RECEIVER FOR SCOTT A. KOHN, FUTURE INCOME PAYMENTS, LLC, JOSEPH P. HIPP, KRAIG S. AIKEN, AND DAVID N. KENNEALLY
    • South Carolina District Court
    • ecf.scd.uscourts.gov/cgi-bin/HistDocQry.pl?110418531781226-L_1_0-1
    • Docket - 13p
    • Entry Number 1 - Complaint - 13p 
  • 2020 - LC - Harvey v. Penn Mutual Life Insurance Company
    • U.S. District Court - California Northern District (Oakland)
      • CIVIL DOCKET FOR CASE #: 4:20−cv−03146−SBA
      • Assigned to: Judge Saundra Brown Armstrong
      • Doc 33 - PLAINTIFFS' FIRST AMENDED COMPLAINT, Filed 08/05/20 - 24p
      • Doc 34 - Defendants Penn Mutual Life Insurance Company and The Penn Insurance and Annuity Company's Answer to Plaintiffs' First Amended Complaint - Filed 08/07/20 - 24p
      • Doc 35 - Douglas Andrew, Paramount Financial Services, Inc., And Karl M. Nelson's Answer to Plaintiffs' First Amended Complaint - Filed 08/13/20 - 12p
      • Doc 36 - Notice of Settlement - Filed 10/23/20 - 2p
    • 2020 - LC - PENN MUTUAL LIFE INSURANCE COMPANY, a Pennsylvania corporation; DOUGLAS ANDREW, an individual; PARAMOUNT FINANCIAL SERVICES, INC., a Utah corporation dba UTAH PARAMOUNT FINANCIAL INSURANCE SERVICES and dba LIVE ABUNDANT; KARL M. NELSON, an individual; and DOES
      • Case in other court: Superior Court of California, County of Santa Clara, 20CV364939 
  • 2020 - SEC - ADMINISTRATIVE PROCEEDING - In the Matter of Paramount Financial Services, Inc. d/b/a Live Abundant, Respondent - File No. 3-19680 - Woodbridge
    • 2020 0129 - SEC - Paramount, dba Live Abundant - Release No. 88070 - Order Instituting Administrative Proceedings Pursuant To Section 15(B) Of The Securities Exchange Act Of 1934, Making Findings, And Imposing Remedial Sanctions - 3p
      • 2. On January 17, 2020, a judgment was entered by consent against Live Abundant permanently enjoining it from future violations of Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 15(a)(1) of the Exchange Act, in the civil action entitled Securities and Exchange Commission v. Robert "Lute" Davis et al., Civil Action Number 2:18-cv-10481-FMO-JC, in the United States District Court for the Central District of California.
      • 3. For the Fund Offerings, Andrew and Live Abundant received a 5% sales commission that Woodbridge purposefully mischaracterized as a "marketing bonus," to avoid the appearance of paying transaction based commissions. Andrew and Live Abundant received approximately $1.8 million in transaction based commissions from Woodbridge earned as a result of raising approximately $43 million through the sale of Woodbridge securities to investors. 
      • IV - Accordingly, it is hereby ORDERED pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Live Abundant be, and hereby is barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and 
  • 2021 1005 - LC - Continental Casualty Company v. Paramount Financial Services
    • 2:2021cv00585
    • Filed: October 5, 2021
    • Court: US District Court for the District of Utah
    • Doc 2 - Complaint - 21p
      • re: FIP - Future Income Payments
      • Woodbridge Claims
      • Hybrid Lawsuit 
      • against Aaron Andrew, Emron Andrew, Sharee Andrew, Gregory Duckwitz, Karl Nelson, Paramount Financial Services, J. Scott Reynolds, Jeremy Watson (Filing fee $ 402, receipt number AUTDC-4131781) filed by Continental Casualty Company. (Attachments: #1 Exhibit 1 - Master Policy, #2 Exhibit 2 - Certificates of Insurance, #3 Exhibit 3 - FIP Claims, #4 Exhibit 4 - SEC Order, #5 Civil Cover Sheet Civil Cover Sheet) Assigned to Magistrate Judge Jared C. Bennett (Hill, Rebecca)
      • 34. The Master Policy excludes coverage for any Loss in connection with any Claim "based upon, directly or indirectly arising out of, or in any way involving the use of or investment in any security that is not registered with the Securities and Exchange Commission."  Id., § XVI.W (the "Unregistered Security Exclusion").
      • LC - 48. - LC - Duennebeil v. Paramount Financial Services, Inc., d/b/a Live Abundant, et al., Case No. 180903806 (Dist. Ct., Salt Lake Cty., Utah)
      • SEC - 50. According to the Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions, entered on January 29, 2020, in In the Matter of Paramount Financial Services, Inc. d/b/a Live Abundant, Administrative Proceeding File No. 3-19680, before the Securities and Exchange Commission, a copy of which is attached as Exhibit 4, "between from at least November 2015 and July 2017, Live Abundant and [Aaron] Andrew offered and sold Woodbridge securities," and "[n]one of Woodbridge's securities offerings were registered with the Commission."
      • HYBRID LAWSUIT - 52. Numerous plaintiffs filed lawsuits against the Insureds that have been consolidated into the matter styled Ababat, et al. v. Paramount Financial Services, Inc., et al., Case No. 190906436 (Dist. Ct., Salt Lake Cty., Utah) (the "Hybrid Lawsuit").
    • Doc 10 - Answer - 44p
    • Document 68 - MOTION HEARING/ORAL RULING VIA ZOOM BEFORE THE HONORABLE HOWARD C. NIELSON, JR. - 29p
  • 2019 - LC - James and Cheryl Hall v. LSW, Devin Patel, Charles Oliver, Hidden Wealth Management
    • Case - 16-2819, Division  - CV-A
    • File #: 161273239 -  DEFENDANT LIFE INSURANCE COMPANY OF THE SOUTHWEST'S

      MOTION TO PRECLUDE TESTIMONY OF PLAINTIFFS' EXPERT WITNESS STEVEN E. M. ROTH - https://trellis.law/doc/184379694/motion-deft-life-insurance-company-southwests-to-preclude-testimony-pltf-expert-witness-steven-e-m-roth

  • Devin Patel
    • Pacer
    • Patel, Devin (dft) 3:2022cv02349 Cruz et al v. Resolute Capital Partners LTD LLC et al Texas Northern District Court 10/19/2022 04/20/2023
        Patel, Devin (dft) 2:2020po00189 USA vs Patel - Devin Patel Washington Western District Court 11/10/2020 11/10/2020

Kennedy

  • JFK
  • Bobby Kennedy
  • On the surface is the handbook operator.
    • He makes a profit from the persons who place bets with him because he has an edge on every bet. He pays track odds but usually not in excess of 20 to 1.
  • The odds at the track are calculated after deducting the 15 percent to 18 percent of the total betting pool which goes to pay taxes and other expenses. The bookmaker pockets that amount.
    • However, he is not a man of unlimited resources.
    • He must balance his books so that he will lose no more on the winner than has been bet on the other horses in a race, after his percentage has been deducted.
    • He cannot control the choices of his customers and very often he will find that one horse is the favorite choice of his clientele.
  • His “action,” as he calls it, may not reflect the “action” of the track.
    • Therefore, he must reinsure himself on the race in much the same fashion that casualty insurance companies reinsure a risk that is too great for it to assume alone.
    • To do this the bookmaker uses the “layoff” man, who for a commission, accepts the excess wager. (p3)

—  Statement of Hon. Robert F. Kennedy, Attorney General of the United States

1961 JUNE 6, 19, 20, 21, AND 26 – GOV (Senate) – The Attorney General’s Program to Curb Organized Crime and Racketeering – Robert Kennedy, James O. Eastland  (D-MS) – [PDF-349p-GooglePlay]

2023 1124 – The And Asset – The Dark Side of MLM Life Insurance Companies Revealed! PHP, WFG, & More! – [Dominic Rufran]

  • Clip – 2023 – Infiltrating a Pyramid Scam: Primerica by AlwaysMarco – [VIDEO-YouTube-42:34]
  • Patrick Bet-David, Ed Mylett, Marshall Fauk-TransAmerica
  • 1 – WFG Website page – Is WFG a Legitimate Business? – [link]
  • 1- Dom’s Story – NFL, MLMs, Cult, Who doesn’t want to be part of a cult?, Joined, 
  • 03:45 – Part 3 – The Dangers of PHP Agency, World Financial Group and Primerica
    • I told myself I would never join an MLM again. – World Financial Group – I said Yes. 
    • Bernie Madoff
    • skit
  • 07:30 – Clip – Patrick Bet-David – <WishList>
  • 2021 0422 – Coffeezilla / The High Vibration Congregation – Confronting Patrick Bet-David LIVE – PBD – [PHP – People Helping People  —  [BonkNote]  —  [VIDEO-YouTube-03:01:51]
  • 9 – Two things that can destroy any relationship. Unrealistic expectations and poor communications – People don’t like to be mislead – If one thing is shared but they experience something completely different they feel scammed, bamboozled, embarrassed or mistreated.
  • 09:30 – Rogue Agents – WFG
  • 2021 0422 – Coffeezilla / The High Vibration Congregation – Confronting Patrick Bet-David LIVE – PBD – [PHP – People Helping People  —  [BonkNote]  —  [VIDEO-YouTube-03:01:51] 
  • 10 – Part 4 – The Growing Problem in the Life Insurance Industry – 
  • 10 – Infinite Banking Concept – Getting a bad rap right now, TikTok
  • 11 – Caleb and Chris Kirkpatrick – Caleb – There are a lot of experienced people who don’t know anything about Life Insurance. How in the world are you getting people of the street and they are able to do this? 
  • 200,000 agents between PHP, WFG and Primerica
  • 11- – recruiting heavy, WFG –  IUL, Management on the backend, most advanced product in the market, insurance gets a bad rap – need to understand how money works – Financial education – Alarming – scary
  • Clip – Primerica Agent – Source-?
  • 13 – Primerica – BTID – They don’t understand the products, they love Dave Ramsey
  •  – most people get burned, friends and family, agent failure, renewals, upline, 90% lose money and call it a scam, compensation levels low, 30-50% MLMs vs 100% directly at carrier
  •  – Just share the facts, Good vs Bad apples, friends and family will judge you for being part of a pyramid scheme… but maybe
  • 15 – Clip – 2023 – Infiltrating a Pyramid Scam: Primerica by AlwaysMarco – [VIDEO-YouTube-42:34]
    • Gary Kornegay – I can’t tell you who I work with
  • Whether positive or negative it’s important that people know what they are getting into

FlimFlam

  • Why is this flimflammery allowed to continue?
  • Where are the laws to prevent companies from misleading people?  

—  Senator Howard Metzenbaum (D-OH)

1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Senator Howard Metzenbaum (D-OH)  —  [BonkNote] 

  • (p1) – …American consumers pay a bill without having more than a somewhat vague idea of what they are buying.
    • If this were the result of flimflam, enforcement agencies would have been all over the sellers years ago.
      • But this is not intentional flimflam it is as the man in “Fiddler on the Roof” explained away so many things- “tradition.”
  • These 140 million consumers, at an outlay of about $23 billion a year, are buying life insurance policies. 

—  Senator Philip Hart (D-MI)

1973 0220 – GOV (Senate) – The Life Insurance Industry, Philip Hart (D-MI) – Part 1 of 4  —  [BonkNote]

  • Warren Buffett – Pampered Chef is based on selling to the end user.  If I was a regulator … selling millions and millions of people on a dream that was not fulfilled. 
  • Charlie Munger – I think there is more likely to be more flim-flam and selling magic potions than pots and pans.

2022 0819 – [2013] – Warren Buffett: Pampered Chef is not a pyramid scheme – [VIDEO-YouTube-03:19]

  • Always Marco
  • Robert Fitzpatrick

2018 0122 - Van Mueller | State Farm Agent Training Feb 2017 (Complete) - YouTube

  • ⇒ [Bonk: The Volume Starts Out Loud, turn the volume down.]
  • 2017 - State Farm Agent Training / Van Mueller
    • [Bonk - VIDEO-Clip - Starts around 02:06:00]
    • See the rest at Youtube - 2017 - Van Mueller | State Farm Agent Training Feb 2017 (Complete) - [YouTube-04:04:06]

 

  • 02:08:00 - I Don't use illustrations
  • 10-Pay Life Insurance Policy - 
  • 02:18:00 - Illustration, 0%
    • Policy Loan - Market Down - Take Loan out - and go make 50% - Tax-Free Retirement
    • [Bonk: Leverage - Arbitrage - Timing the Market] 
  • 02:19:00 - return of unearned premium
  • 02:20:00 - Some people say - Life Insurance is a lousy Investment
    • People haven't done the math, do the math
    • Higher Taxes down the road. 
  • 02:22:00 - Are you going to let the the Government, the Banks and Wall Street to Manipulate you or do you want control. 
  • 02:22:00 - He just bought
  • 02:23:00 - income stream can't run out of
  • 02:23:00 - Age 50 Example
  • 02:24:00 - Taxes, Retirement Savings, Quality of life - Lots of people are worried about these things
  • 02:25:00 - "Write this Down" - intimate, but not personal - Do you want to happen next time what happened last time. 
  • 02:25:00 - What was I talking about? It'll come back to me. 
  • 02:26:00 - Age 70 Example - A Taxes, Inflation, Income that you can't outlive.
  • 02:27:00 - Any Hobbies? Martial Arts. I'm not going to Donald Trump her
  • 02:29:00 - Starts yelling…. Double, even ask when you don't know what you are talking about - I saw this guy, tell them to Google Me
  • 02:30:00 - 
  • 02:31:00 - I'm going to use a swear word - another one of you assholes….how do you know whether I'm a big one or a little one?  "Professionals never get offended"
  • 02:33:00 - Van's Sales Process - Meets people at their house, Little time in the office
  • 02:34:00 - Great Sofa….picture
  • 02:36:00 - Taxes - Answer me - he yells
  • 02:37:00 - Are you Ready? - Do you want to pay those taxes….you just made the sale…that's the secret
  • 6,600 clients… smartest insurance agent we've ever met….
  • 02:39:00 - Give people an organized way to think about insurance, finances, taxes….they don't know anything…they can't unless you ask them the four questions. Do you like it? 
  • 02:42:00 - Question 1) - Seeds vs. Harvest - IRS - Why would you do it?
    • Tell a Story - NLP - Why aren't you using the same Science? The most important - as an Insurance Agent now - 50 of people don't pay taxes.
  • 02:44:00 - Question 2) - Easy way to replace benefits.  When would you want to know about it? Inflation, Deflation.
  • 02:43:00 - 
  • 02:46:00 - I've done it a million times…his presentation….4 questions
    • Taxes
      • Do you want to pay those Taxes.....
  • 02:46:00 - Rule of 72
  • - Ask Questions at Bars, out to dinner
  • 02:47:00 - never lose any money - #1 Warren Buffet--- "Write this Down"
  • 02:47:00 - Insurance companies sell products that don't lose money
  • 02:49:00 - investing vs insurance. TVM - you sell that
  • 02:50:00 - Most people don't know the mathematics of what they sell
  • 02:50:00 - Foundation is a Cash Value policy with "The State Farm"
  • 02:50:00 - Volatility - Stolen from Tom Hegna - If you steal one thing it's theft, if you steal a bunch …it's research
  • 02:53 00 - I've trained with Missed Fortune - [Doug Andrew] - etc .- I can't think of them right now.  Problem with all these things is that they are all too complex. "They sell complexity so they can charge you a Big Price to buy their program. Most people think of all of these things as bad things." 
  • 02:55:00 - Next Crisis - Lack of Credit - Insurance Products
  •  56 - Tax-Free Income - Jack Welch - GE - 4 million income tax-free from his life insurance. Why aren't you guys doing this? Small Businesses. Easier Check. 
  • --------------
  • 57 - 30% of Van's Compensation comes from this one idea.
    • "Annual Health Care Costs for Family of 4 now at $24,671 a Year."
    • https://www.milliman.com/en/insight/2024-milliman-medical-index
  • 02:59:00 - Actuaries - An Actuary is an Accountant with no Personality. They are the only people in the World that will tell you the Truth. They don't care if you sell anything. It's all about the math.
  • 03:00:00 - I did all the Math. I'm a Psycho about Math.
    • 03:04:00 - Do you want to pay for other people? - They are coming to get you.  You have to show them the math. 
  • 03:06:00 - Doesn't use a computer.
  • 03:08:00 - Suze Orman - Eh, Dave Ramsey - Professionals Never get offended. What's in it for them? Bill Gates, Warren Buffet. Walt Disney, Ray Kroc. What do they know that you don't know. Why does Wall Street tell you not to do it? What pays the most Commission? Mutual Funds or Life Insurance.
  • 03:09:00 - Sale Examples - Who do I present these ideas to?
    • If I could show you a way - Keep money for you family....
  • 03:21:00 - Life Insurance sold like late night commercials.  Value, upon Value, upon Value....so they don't perceive cost.
  • Market Timing - What's the best to invest in the Market? What it's down. Government. Stimulate the Economy. Get the money out of a Life Insurance Policy. Borrow $250,000 from the policy, put it in the market, make a quick 50%. State Farm Growth Fund. Take money out. Pay back the Loan.  I don't want the policy to Blow up. What do we do withe this $125K? Put it in a new policy. People will give you all their money. Compares to Money Markets and Savings Accounts.  --- 2008 Financial Crisis
  • MEC - 
  • 03:26:00 - MEC - No Gain in a MEC...there's no tax
  • 03:26:00 - Life Insurance really does that? sign hard...three copies
  • 4 - I'm Shy. I'm the reason there is Compliance
    • MDRT - 16 years in the business - 1st time
  • @TheFinancialAdvocacyPodcast - 4 years ago
    • 3:12:30 - $1,000,000 per week every week; $30 million in 2016 in production (total premiums for annuities, SPWL, SPIA, Whole Life, etc.); Middle Class America - 900-1200 square foot houses; West Allis, Cudahy, South Milwaukee - Are these affluent houses? "That's where I make my living. They're the only people with any money." They're not throwing a bunch of money on a big house; and they actually SAVE money out of their Social Security. $300,000 in a money market account! You did everything perfect, and now they're going to punish you for it. What if all you had to do is move the money from one pocket to another pocket, we'll buy you $540,000.

2022 0222 – Sandy Schussel – Financial Advisors & Insurance Agents Coaching: MDRT Top of the Table producer Van Mueller – YouTube

  • 00:01:15 – Van Mueller – I’m always afraid people are going to find out that I don’t know what the heck I’m talking about.
  • 00: – Van Mueller – I want to find out all the things I don’t know.
  • 00:03:30 – people’s attention spans
  • 00:04:00 – we’re not teachers, your job is to inspire people to take action
  • 00:05:45 – just having conversations, haven’t pitched in a long time, then off to the races
  • JC Penney, Bankers Life and Casualty, Paul Harvey advertised the White Cross Plan, 
  • 00:07:30 – I’ve never passed the Life Insurance Exam – All 3 times I got a 68.  
  • 00:10:30 – I’ve hurt so many agents.  After 16 years they fired me.
  • Phone call to Jim Gaylord
    • changed my life, taught me how to ask questions
  • the greats of the time – John Savage, Ben Feldman, Roger Zeener (sp), Tom Wolf
  • 13:30 – Wording – Smarter vs Beneficial
  • 15 – Year 17 – MDRT – Sold Single Premium Life Policies
  • Became student of the industry – John Savage, etc. Norm Levine – Wordsmiths – Life insurance life a piece of property that you could hold in your hand
  • Then studies the great sales people, motivators, Dennis Waitley really change my Life – The Power of Winning.