Man jailed over annuity scam

Thinking of flipping one annuity for another? Blogger Bill Singer says you might want to think twice.

In a post on brokeandbroker.com—a website that reports on regulatory happenings—Singer says flipping an annuity can make sense in rare cases. But investors have to be wary of people who propose the scenario, which is permissible tax free under section 1035 of the Internal Revenue Service Act but often is done simply to generate commission for the broker.

Most recently, a U.S. salesperson was sent to jail after he convinced several elderly clients to liquidate their existing annuities. Though he promised to reinvest the proceeds, regulators say he stole over $1 million and filed false tax returns.

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