A Michigan financial advisor will stand trial for insurance fraud after waiving preliminary examination, Attorney General Dana Nessel announced this week.
Todd Bernstein, 67, of Birmingham, is 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.
Berstein faces four counts of Insurance Fraud, each a 4-year felony.
Consumers must be able to trust financial professionals to act truthfully and in their best interests,” said Nessel at the time of the arraignment. “My department remains committed to protecting Michigan residents from illegal and predatory business practices.”
A pretrial date has not yet been set.
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