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NEESHAM – FACTS OF THE CASE

 

Initial contact was from Jochim, age 83 – existing and long-time client and live in boyfriend of Schuber, age 83. Both are widower and widow and have children from those marriages.

 

Jochim owned Allianz Fixed Indexed annuity, was very happy, and urged Schuber to buy one as well

 

Schuber surrendered a Bank CD and used $175,000 of it to purchase the annuity.

 

Neesham holds himself as an insurance agent.

 

Facts about the product – 10% bonus is credited up front , but the product must be annuitized over 10 years to realize the bonus. Can be annuitized after 5 years. Nursing home waiver. If the policy is not annuitized, but surrendered, bonus, indexed interest, fixed interest and some principal is lost.

 

Schuber met with Neesham first on a Friday and signed the application on Monday, naming Jochim and Primary Beneficiary and Jochim’s daughter as Contingent. (Jochim was the primary beneficiary of the surrendered bank CD.)Schuber signed an Allianz Priduct Suitability form. Neesham provded Schuber with a CD vs Annuity comparison form – not approved by Allianz. In that form interest rate is noted 3.65% for the CD, 13.85% for the annuity. Form states “ there is a penalty for early withdrawal.”

 

Neesham and his admin assistant claim Schuber always appeared very competent and not confused. Bank rep alleges Schuber  seemed under influence of Jochim and seemed confused about the new investment.

 

The next day the bank employee filed a report with Adult Protective Services concerning possible elder abuse. California law requires banks to report suspicious events. 

 

Neesham called Schuber’s son the same day, told him what his mother had done. Son said he was concerned about her health and in later testimony  alleges he told Neesham she had Alzheimer’s.

 

At policy delivery Neesham had Fran sign a “CYA” letter.

I Fran Schuber purchased a tax deferred fixed index annuity. It avoids probate, and taxes till I withdraw. I know I can take out 100% per year of invested amount if I want to for 5 years. After I can annuitize if I choose. My chosen beneficiary at this time is Lou Jochim, and my contingent beneficiary is Betty Keonig. I choose them of my own free will and choice, at this time.