Scam Alert

A client called me last week to ask about a post card they received regarding “their annuity that had reached the end of it’s exit fee period.”  The client was not aware that they owned a 'no-load' annuity with no exit fee, but I was, so this postcard struck me as odd.  When I asked the client if the name of her annuity company was mentioned, she said no, just a place called “The Annuity Service Center”.  I told her it was a scam and to toss the card away.

The very next day in one of my trade magazines, I noted in an article that five states are suing to shut down The Annuity Service Center.  (ASC also does business under several other names.)  It is definitely (allegedly, ahem) a scam to lure unsuspecting investors into making an ill-advised move.  Sadly the world is awash in similar scams.

If you receive anything regarding your investments, either in the mail or email, please send me a copy before acting on it.  Perhaps I can save you from making an expensive mistake.

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