Reif Law Group
Los Angeles, CA (Law Firm Newswire) March 02, 2022 – Reif Law Group, P.C., California’s preeminent boutique trial and litigation law firm for securities and business disputes, today filed petitions to confirm two JAMS arbitration awards totaling $12,114,017.87 for two elderly victims of financial elder abuse against an insurance agency and its co-owners.
“Sunlight is said to be the best of disinfectants. In this case, the amount awarded, a 17 times multiplier on the out-of-pocket losses, shines sunlight on the financial abuse the victims suffered,” said lead trial attorney, Brandon S. Reif, of Reif Law Group, P.C.
The disputes involved an insurance program, known as the IRA Reboot, which targeted vulnerable senior citizens visited by insurance agents in their homes. During these visits, the agents recommended the elderly clients to liquidate their assets, including retirement accounts, cash-on-hand, other insurance products and securities, to invest in Future Income Payments, Inc. (FIP) and Minnesota Life Insurance Company (MLIC) life insurance policies.
California insurance agency, CMAM, Inc. dba Heritage Financial Services, and its co-owners, Alfred Manfre and Jeanette Manfre (Heritage), authorized their agents to sell the IRA Reboot to Gloria S. McKinnon and Emma A. McKinnon. The agents visited the elderly victims at their homes and convinced them to cash out their IRAs and other assets to invest in the IRA Reboot. Due to their…
