North Carolina Annuity News

Department Arrests Former Northridge Insurance Agent in Fraudulent Investment Scheme

Insurance Commissioner John Garamendi today announced that California Department of Insurance (CDI) investigators have arrested a former Northridge insurance agent who allegedly took more than three quarters of a million dollars from senior citizens and their families for investments and annuities, then never made the promised investments.

“Let this be a warning to anyone who is even thinking of perpetrating fraud against California’s seniors,” said Commissioner Garamendi. “You will be caught.”

Ruben Echiverri Cu, 56, was arrested by CDI Fraud investigators at his Northridge home on October 31, 2006. He was booked into the Twin Towers jail facility in Los Angeles, and charged with five felony counts of Grand Theft and 15 felony counts of securities fraud, including Sales of Unqualified Securities, Sales of Securities without a Certificate, and Making False Statements in the Sale of a Security. Bail is set at $1,172,418. read more at insurance.ca.gov.

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	Did You Know?
	Annuity tax-free exchanges, known as 1035 exchanges Section 1035 of the U.S. tax code allows you to exchange an existing variable annuity contract for a new annuity contract without paying any tax on the income and investment gains in your current variable annuity account. These tax-free exchanges, known as 1035 exchanges, can be useful if another annuity has features that you prefer, such as a larger death benefit, different annuity payout options, or a wider selection of investment choices.