Dead client signs annuity contract

If the patriarch of the Soprano’s family can get his securities license, then it’s equally likely a dead client can sign the paperwork to put through an annuity.

That’s what appears to have happened in a bizarre arbitration brought before the U.S. Financial Industry Regulatory Authority. The client, who’d applied for a variable annuity, died prior to signing the contract. But somehow a document signed and dated after the date of decease made its way back to the insurance company office.

The rep in question was barred from the industry, but arbitrators stopped short of prohibiting him from reading anything by H.P Lovecraft.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.