Michigan Financial Advisor Faces Trial for Insurance Fraud with Annuities

Todd Bernstein, a Michigan financial advisor, is set to face trial on charges of insurance fraud related to submitting false annuity applications for clients over 65. He allegedly concealed purchases of new annuities funded by early surrendered annuities, raising regulatory and compliance concerns. The Michigan Attorney General and Department of Insurance and Financial Services (DIFS) emphasize consumer protection and are collaborating to address fraudulent practices in the state's financial advisory sector. A pretrial date is yet to be scheduled, with authorities urging consumers to report suspected fraud via DIFS channels.