An Arizona insurance agent has lost his Iowa insurance license and is barred for reapplying for 10 years after the Iowa Insurance Division found he fleeced elderly Iowa residents.
The division said in a news release that Mark Diamond, of Scottsdale, Arizona, routinely offered free meal seminars to gain the trust of attendees, most of whom were 80 or older. He then used high-pressure tactics to sell them fixed annuities they did not need.
The division says Diamond violated Iowa law, including by using unfair and deceptive practices, by providing misleading and false information and by failing to report his insurance license was suspended or revoked in other states.
Besides his Iowa license suspension, Diamond was ordered to pay nearly $68,000 in civil penalties, restitution and investigative costs.
Was this article valuable?
Here are more articles you may enjoy.
Premiums Will Skyrocket by 2035; Discounts Not Enough for Wind Mit, Studies Say 
Tech and Finance Sectors Losing 28,000 Jobs Monthly Show AI Impact on Labor 
CFC Names Former Direct Line Exec Winslow as Group CEO, Succeeding O’Shea 
NYC to Publicly Identify Buildings Testing Positive for Legionnaires’ Bacteria 
