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Do you know you need to BEWARE of Variable Annuities?
posted at December 23, 2011 1:19 PM EST
Re: Do you know you need to BEWARE of Variable Annuities?
posted at February 18, 2012 11:48 AM EST
First: February 18, 2012
Last: February 18, 2012
This is firstname.lastname@example.org. I faced similar problem with Prudential Financial. I started to suspect their scam in August 2011 and filled complaints to both Citi Persoanl Wealth Management who sold me Prudential VA in 2010 and Prudential Financial, Inc. Response from Prudential on 12/08/2011 let me cracked their scandal. Further investigationsled to completely disclosed all their schemes: !) Arbitrage Pricing Model, 2) Trojan Horse, 3) Unregistered Securities, 4) Unauthorized Tradings, 5) Duo Pricing Systems, 6) Fake Contract value, and 7) Fraud Quarterly Statements.
Prudential Executives call their scam "Groundbreaking Defined Benefit Risk Transfer (DBRT)" during 4Q11 Earnings Call held on 02/09/2012. DBRT simply means that Prudential Executives use "Defined Benefit" to reward themselves and pay dividends to their shareholders and all Risks are transferred back VA customers.
All investors lost money and VA customers lost double in 2010 Bear market year while Prudential was doing 22% better in 2011 than 2010. Without swindling of about 7%, Duo Pricing Systems of 1.04%, and 1% of Benefit/Risk Fee, Prudential
would lost several billiont of money in 2011.
I filed complaints to Attorney Generals,and US SEC last December and many more recently.