A collection of financial advisors, succeeded in depleting the elderly women's financial resources by moving their cash into expensive annuities carrying attractive commissions and fees for the sales agents, together with deep penalties for early liquidation. Shafer, through his lawsuit, claimed that the liquidation of the life savings to purchase annuity policies was inappropriate and unnecessary.
Supporters are now helping to
This petition will help convince the Governor of the State of California, the State Assembley & House, and the California Dept. of Consumer Affairs Fiduciaries Bureau, that they are not protecting the vulnerable consumers as mandated by the California Fiduciaries Act, SB 1550 2006 ch. 491, Calif. Bus. & Prof. Code § 6516.
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