Sunday July 25, 2010—Wow! All you have to do is Google "Rep. Meeks Ethics" and his alleged crooked deals are all posted page after page. The internet is teaching us just how corrupt our Senators and Representatives have become. Not too surprising he was the safe guard that protected the annuity industry scams that target senior citizens. The Financial Reform Bill was supposed to have a provision to help protect the savings of seniors who are targeted by annuity scams. Rep. Gregory Meeks and Sen. Tom Harkin, both Democrats, now have Passed a provision that prevents equity-indexed annuity regulation by the SEC, therefore the present annuity scams are actually encouraged by congress. In reality I am just sick about this turn of events. I often wondered if I could ever pinpoint the corruption in our United States government that would allow annuity products to steal IRA savings from seniors, it has just happened. I am going to post pictures of Meeks and Harkin. Take a look at these two guys and just imagine the payoff from Fidelity and other insurance companies who have made scamming seniors an industry. Harkin and Meeks have now overturned the efforts of the courts and the SEC to regulate the annuity industry and the efforts to provide protection to senior citizens. The message sent by congress is that it will not tolerate regulations that put a stop to senior abuse and savings loss regarding annuity scams. For more information please read the Huffington post article, I have provided a link to the article at the bottom of the page. For myself, I am undeterred in fighting this fraud and I will continue to post progress and setbacks. In the images section of the complaint I have posted my January 04 statement and 1099R from Fidelity. If you go there you will see my Fidelity Annuity provides me with a zero monthly income. If you have any doubts about seniors being scammed out of their life savings, my Fidelity Annuity statement should eliminate any doubt. The pittance goes for taxes, I get nothing, I followed Fidelity’s green stripe and was promised security in my retirement years. Instead, Fidelity lost my entire $57K IRA savings. Annuities are the biggest mistake seniors make with their retirement nest egg. Why? The older we become, the more likely our health will begin to fail and our need for our savings will increase. Once you spend your savings on an annuity, it’s gone and lost forever. Consider your age, your long term needs and keep your savings tangible. I know, because I made the biggest mistake a senior can make, and that was contracting with Fidelity Investments Insurance Co.

MY STORY BEGINS:
In February of 1995 I was 57 years of age. I was happy and content with my retirement. I had $57,779.00 in an IRA account, it was my little nest egg to use in a few years. I was living in a very small California town called Rio Vista.

Somehow, I was targeted by Fidelity Investments Life Insurance and I was told I could immediately start using my IRA money, without penalty, before age 59 1/2, that was the lure used by Fidelity. An appointment was set up for an agent to explain this program to me, in person, at my Rio Vista, CA home.

The first scam started when the agent showed up and did not tell us he was from Salt Lake City, Utah. (An out of state sales agent) His sales pitch convinced me I could use the immediate monthly income from an annuity, it was not disclosed he was selling "life insurance" or that Mr. Smiley was actually an insurance salesman. I was misled into thinking I was investing into a Fidelity mutual fund program. The instructions he gave me about the contract details such as “single life contract”, “no guarantee”, “no beneficiary”, “no joint annuitant”, and “no IRA disclosure statement was presented”, these details were all misleading and coordinated in favor of Fidelity. Now I understand, the more I was defrauded, the bigger the commission for the insurance agent, they are trained to deceive. I have now ultimately lost the entire $57,779.00 IRA savings and I have nothing for my years of work and no retirement nest egg. Fidelity stated they did not send a Utah agent to my home but that is a big fat lie. California Regulators would not pursue an out of state insurance agent. The agent in question ultimately let his non-resident CA license lapse after my contract sale. (Cut and run)

My signed contract had only 8 Fidelity mutual funds as accounts in which I could invest, it was a simple contract. Scam #2 originated when Fidelity began to add accounts with outside firms (not even Fidelity supervised). One of these accounts was called PBHG. And, yes, this is the firm that was under investigation (SEC) for market timing. I did not know PBHG was not a Fidelity fund. Fidelity sent me material & brochures that stated this investment—PBHG—was up in value, over 100% and doing great. The true fact was PBHG was poorly rated and always has been poorly rated. I switched to PBHG at $45.00 a share and when it was learned PBHG was under SEC investigation for violations it dropped to $1.15 a share.

After my IRA savings were lost Fidelity eventually sent me a letter that stated that they were not responsible for the dishonest PBHG firm. I Asked Fidelity to restore my contract prior to the PBHG transaction since their personnel provided, and misled me, into this disastrous investment as if it were a suitable annuity account. Of course Fidelity refused and I filed complaints with the California Insurance Commissioner, the SEC, my Congressman, and the IRS, just to name a few. Believe me, these agencies will take your complaint, but other than that, your IRA savings are lost forever. There is no way an agency can help you restore your lost IRA savings in an annuity contract. The politicians and lawyers will admit agents that sell annuities are nothing more than con artists and the Insurance Companies that employ these sales agents are as crooked as any thief you will ever meet. I trusted the honesty and integrity of Fidelity and that was my downfall, I pray that you do not make the same mistake as me.