The
The office has also subpoenaed
Galvin's office is concerned that, in order to collect commissions, registered representatives pressure individuals aged 75 and over to buy variable annuities when these investments are not appropriate. State regulators say variable annuities are not appropriate for seniors because they expose investors to higher market risk, have high fees and surrender charges and do not allow investors access to ready cash that they may need for nursing home and other expenses.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.