Safeguard for seniors

TampaBays10

February 18, 2009

By BRITTANY BENNER

Annuity agents who falsify records and submit fraudlent signatures could face tougher fines and criminal penalties if a proposed law passes.

Tallahassee, Florida -- State politicians are trying to help protect Florida's senior citizens from losing their life savings from dealings with deceptive annuity agents.

It's called "Safeguard for Florida Seniors."

The new law took place earlier this year, but lawmakers want to amend it to make fraudsters pay even tougher penalties for taking advantage of the elderly.

Chief Financial Officer Alex Sink teamed up with State Senator Mike Bennett and Representative Keith Fitzgerald to make even more changes to that law.

The amendment requires agents to take continuing education courses, anyone who submits fraudulent signatures on an application will be committing and third degree felony, and they can be convicted of committing a violation of unfair trade practices if they abuse information.

Bonnie Madden of Port Richey said she fell victim to these deceptive practices and lost a life savings of nearly $400,000.

"I know it's not going to do me any more good because some of the things because some of the things they did to me were not considered felony at the time but if they get this passed, they will be, like forging my name," said Madden.

Chief Financial Officer Alex Sink re-iterated: if it's too good to be true, it probably is.

"All these agents are trying to do is just make the big commission, the up-front commissions and these products is enormous and so they just need to get that second opinion," said Sink.

The bill requires Legislature approval and a nod from Governor Charlie Crist before it can become law.