A Michigan financial advisor was charged with four counts of insurance fraud, each a four-year felony, Attorney General Dana Nessel announced last week.
Todd Bernstein, 67, of Birmingham, was arraigned on July 30 before Magistrate Julie Nelson-Klein in the 48th District Court in Bloomfield Hills. He iss alleged to have submitted misleading information on annuity suitability applications on behalf of his clients, who were over the age of 65, to conceal that new annuities were being purchased with proceeds from early surrendered annuities.
The Michigan Department of Insurance and Financial Services (DIFS) assisted in this investigation.
“Consumers must be able to trust financial professionals to act truthfully and in their best interests,” Nessel said. “My department remains committed to protecting Michigan residents from illegal and predatory business practices.”
Bernstein will next appear before Judge Diane D’Agostini in the 48th District Court on August 12.
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