Posted on October 7, 2009
October 7, 2009…Kimberly Miller of the Palm Beach Post reports that local insurance tycoon, Barry Kaye, has been sued for fraud in federal court in Ohio. The suit claims that Kaye and his son, Howard, persuaded an 81 year old man to purchase a $5 million policy of insurance with promises that he later could sell the policy to an investor for a substantial profit. After paying more than $322,000 in premiums over a two year period, Louis Levin said that there was no market to sell the policy as the Kaye group had represented. The suit alleges further than Howard Kaye solicited Levin, recommended the purchase of the policy and received a substantial commission when Levin made the purchase. Compensatory and punitive damages are being sought.
Post By:
John R. Hargrove
Hargrove Pierson & Brown
“A Boca Raton Law Firm”
Posted on September 5, 2009
September 5, 2009 – The Federal Bureau of Investigation has published a warning on scams and fraud schemes impacting senior citizens. As the article notes, the experience of the FBI is that the elderly are targeted for fraud primarily because they are most likely to have a “nest egg” from saving wisely and as a rule they have good credit, all of which the con-artist will try to tap into and exploit. Click on the link below and read why seniors should be concerned how they can be protected.
http://www.fbi.gov/majcases/fraud/seniorsfam.htm
Post By:
John R. Hargrove
Hargrove Pierson & Brown
“A Boca Raton Law Firm”
Posted on August 27, 2009
August 27, 2009…Senior Citizen Alert. The Wall Street Journal reported today on page D 1 that a new scam on senior citizens involves “reverse” mortgages.
“[R]egulators and law-enforcement officials are sounding alarms about the potential for yet another type of mortgage fraud – this time, in the small but fast growing reverse- mortgage market. Such fraud, though still rare, ‘is occurring in every region of the United States and reverse-mortgage schemes have the potential to increase substantially,’ according to a recent publication issued by the Federal Bureau of Investigation and the Office of Inspector General at the U.S. Department of Housing and Urban Development, which oversees the federally insured loans that account for some 99% of the reverse-mortgage market.”
According to the article, regulators cite cases in which real estate speculators have purchased properties at distressed prices, then have sold them using inflated appraisals to senior citizens willing to take out reverse mortgages. While these types of scams are “around the edges” of an otherwise legitimate market, seniors need to be aware.
Post By:
John R. Hargrove
Hargrove Pierson & Brown
“A Boca Raton Law Firm”
Posted on August 25, 2009
August 25, 2009 – Senior partner, John Hargrove has been recognized in the September/October 2009 edition of the Corporate Counsel Edition of Super Lawyers magazine. The selection process independently evaluates candidates for inclusion on the basis of peer recognition and professional achievement, including verdicts, settlements, transactions, representative clients, experience, honors and awards, as well as pro bono and community service, scholarship and other outstanding achievements. Hargrove has been included in this elite group since the publication’s inception.
Post By:
Cristina M. Pierson
Hargrove Pierson & Brown
“A Boca Raton Law Firm”
Posted on August 15, 2009
August 15, 2009 – United States District Court for the Eastern District of Pennsylvania has just issued an order preliminarily approving a class settlement on behalf of nearly 400,000 equity indexed annuity policy holders. Final court approval is set for November of this year. John Hargrove is co-lead counsel for plaintiffs along with Philadelphia lawyers Jerome Marcus and Jonathan Auerbach. The settlement brings to an end nearly five years of litigation with Aviva the suitability of equity indexed annuities sold to senior citizens throughout the United States. For more details contact the firm.
Post By:
John R. Hargrove
Hargrove Pierson & Brown
“A Boca Raton Law Firm”
August 1, 2009 – The firm has located its new offices in Boca Raton in a new two story Addison Mizner influenced building just west of Federal Highway (U.S. 1).
Post By:
John R. Hargrove
Hargrove Pierson & Brown
“A Boca Raton Law Firm”
