Can Selling an Annuity to an Older Client Lead to Elder Exploitation Charges in PA?
In short, yes, it is quite possible for a criminal charge to result from selling an annuity to an older client in Pennsylvania. But merely selling an annuity is not enough to cross that line. Instead, these types of cases usually involve specific accusations of fraud and exploitation. Mere “buyer’s remorse” or complaints from the client’s family members are not enough to support criminal charges.
If you are facing an investigation or criminal charges over a financial sale, you face the possibility of significant legal penalties that can jeopardize your freedom and future. The LLF Law Firm’s Criminal Defense Team has many years of experience defending financial professionals across Pennsylvania.
Do not let a single deal risk your future. Call us today at 888-535-3686 or send our team a confidential message to get help now.
Understanding Theft by Deception and Elder Exploitation
Usually, accusations and threats of elder exploitation charges come after family members or a bank discovers that an elderly individual has purchased an annuity that has high surrender charges or long lock-up periods. However, just because an elder bought a product that was a poor financial fit for their personal circumstances does not mean a crime was committed.
Ultimately, accusations of “selling a bad product” or “ripping someone off” are not evidence of a crime unless the alleged behavior meets specific requirements. For example:
- Theft by deception charges may be applicable if a financial professional intentionally lied to a client about the terms of the annuity.
- Financial exploitation of an older adult charges could apply if you intimidate or deceive a client into purchasing an annuity.
The important thing to keep in mind here is that merely selling a product to someone that may ultimately turn out to be a poor fit for them is not inherently a crime. If an elderly client makes an informed decision, even if that decision ultimately turns out to be suboptimal, that does not necessarily mean you committed criminal conduct. Instead, prosecutors will need to prove additional illicit conduct, such as intentional deception.
The LLF Law Firm Team Defends Against Elder Exploitation Charges
While the criminal justice system is designed to make it difficult for prosecutors to prove guilt beyond a reasonable doubt to secure a conviction in white-collar criminal cases, pressing formal criminal charges is substantially less burdensome, as it only requires “probable cause.” That means even if you are ultimately innocent, you could still face formal legal accusations that impact all facets of your life immediately.
Do not wait for a formal inquiry or for charges to be brought. Call the LLF Law Firm Criminal Defense Team today at 888-535-3686 or message our team online. We can immediately get to work to help you determine where you stand, and our team can take action to protect your liberty.