Agent facing jail time for selling an annuity: interview with Glenn Neasham
By Paul Wilson
Glenn Neasham faces jail time for selling an Allianz MasterDex 10 annuity to an 83-year-old client. On Thursday, he agreed to an email interview about the sale and trial in which he offers his perspective and discusses the toll the last few years have taken on him and his family.
ProducersWEB: This has obviously been an extremely trying time for you. How are you holding up?
Glenn Neasham: Things have been tough. Even other carriers who hear about this are terminating my contracts, even while policies are pending, hurting me more financially, and not issuing policies to client's who want them.
PW: How has your family dealt with the events of the past few years?
GN: This has been overwhelming. We have lost everything. My kids now go to thrift stores for shoes and etc. They go into their piggy banks to get money to get a special book they want to buy from the school book club. If it wasn't for my in-laws I would be living in a tent.
PW: Our coverage of your situation has received a huge amount of attention. What kind of feedback have you received from the insurance community?
GN: I've had help from about seven other agents financially. I've received between $5 - $250 from them. It's all been very helpful. None from insurance companies. Just the opposite. Like I said, they are terminating my appointments.
PW: What is your reaction to the way that Allianz has handled the situation?
GN: Couldn't believe it. I supported them for 12 years. I made the Million Dollar Round Table about every year. Almost 100 percent of my business was with them, and they just flat out terminated me.
PW: If you could do it over again, how would you handle the sale differently?
GN: I still feel it was the perfect opportunity for my client. She came to me twice, and this product fit her goals and needs very well. Her boyfriend of 15 years purchased a similar product from me 12 years earlier and he was earning a handsome return. She wanted to earn more than the bank was paying on the CD.
PW: What is your response to those who have questioned the ethics of selling annuities, and the MasterDex 10 product in particular, to senior clients?
GN: The product was wonderful, depending on needs and goals. It is a great fit for most. Eighty percent of my clients owned the MD10. Allianz has 164 percent solvency. Safety of my clients money has always been the number one issue with me.
PW: What advice do you have for other agents and financial professionals who are working with seniors?
GN: Be careful. Do your due diligence. Ask a lot of questions.
PW: What’s next? Can you lay out the events of the coming weeks and months for us?
GN: First thing, when the time is right, turn myself into the probation dept. March 20 is a motion for bail pending appeal. April 18 is turn in date to jail, unless I'm able to qualify for an ankle bracelet or the "Alternative Work program" which I would have to pay for both of these.
PW: What are your plans for the future?
GN: I'm not sure. I'm still licensed, as of today. No one to sell to, though. I do own membership interest in a water company called Enhanced H20. It's an electrolyte enhanced spring water.The company isn't profitable yet; however, with some blood, sweat and tears, hopefully things will be different in the coming months.
My real goal is to keep license pending appeal, and get back to work during appeal, then win appeal, and get a new trial and win! This all could take some time. I understand it could be as long as one and a half to two years.