Anil Vazirani shares Retirees lawsuit against MINNESOTA LIFE INSURANCE COMPANY; SHURWEST HOLDING COMPANY, INC. and others

November 14, 2018Financial Advisor Scottsdale AzRetirement Planning Scottsdale

https://retirementplanningscottsdale.com/2018/11/14/anil-vazirani-shares-retirees-lawsuit-against-minnesota-life-insurance-company-shurwest-holding-company-inc-and-others/ Retirees lawsuit against MINNESOTA LIFE INSURANCE COMPANY; SHURWEST HOLDING COMPANY, INC. and others claims that they engaged in an unlawful securities and insurance scheme targeting vulnerable, elderly California residents in several actionable acts: First, Defendants, individually and collectively, induced Plaintiffs through fraud and deception to liquidate their conservatively invested life savings estimated at over $1,300,000 and to transfer all the proceeds to GoldStar. Second, after the proceeds were transferred to GoldStar, Defendants recommended that Plaintiffs purchase concentrated positions of FIP securities and Minnesota Life permanent life insurance policies with all their retirement proceeds. Third, Defendants failed to inform and warn Plaintiffs that Defendants’ recommended taxable distributions from their GoldStar IRAs to purchase Minnesota Life incurred significant ordinary income taxes of nearly $60,000. Defendants also failed to inform and warn Plaintiffs that Defendants’ recommended concentrated investments into two illiquid assets, such as FIP and Minnesota Life, carried significant risk, were costly, and not in their best interests. Defendants further failed to inform and warn Plaintiffs that the annual premiums on the insurance was unaffordable to them and that they ran a high risk of policy lapse.

Anil Vazirani, lawsuit against MINNESOTA LIFE INSURANCE COMPANY and SHURWEST HOLDING COMPANY, INC

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