WORLD GROUP FOR ANNUITIES’ SALES FRAUD

Zamansky LLC is investigating fraudulent and unsuitable sales of annuities and other insurance and investment products by representatives of World Group Securities, Inc. a/k/a World Financial Group (“World Group”).World Group is a network of independent sales representatives who sell annuities, insurance and other financial and investment products through direct and multi-level marketing to mostly middle class and elderly retirees. Many critics claim that World Group is really a fraudulent pyramid scheme, designed to pressure its representatives to sell its financial products through whatever means possible.

 

Agents of the World Group have been known to lie to prospective customers about their qualifications and experience in the industry in order to gain the trust and credibility of a customer. For example, there are reports that retirees were sold variable annuities which invested in risky and unsuitable stock funds causing losses, or that elderly investors were sold variable annuities with 5% or more of upfront fees that will never be recaptured. Many World Group agents have been charged by FINRA and state securities regulators for misleading sales practices. World Group is owned by the large Dutch insurer, Aegon N.V., which has the financial resources to properly train and supervise its employees.

 

If you were sold a variable annuity, insurance or other investment product by World Group, or one of its representatives, you may be a victim of fraud or misrepresentation. If you are a World Group agent who was induced through false or misleading representations to join the firm, and were damaged, you may also be a victim. For a discussion of your legal rights, please contact or email Jake Zamansky.