“I am a retired Tennessee state park employee with 39 years of service and my wife retired after teaching kindergarten for 30 years. Our final salaries were not much over $20/hr so we had to save and scrimp for years to be able to retire. In April 2018 my annuity agent at AnnuityAdvantage sent me their recommended list to choose a five year fixed annuity. His AnnuityAdvantage list recommended Colorado Life as their top recommended company. Greg E. Lindberg was the owner of Colorado Life. My agent at AnnuityAdvantage invested a large portion of my retirement savings into this annuity company. I was told that this was a very safe and conservative investment for my retirement savings. My agent was paid a commission to sell this product to me. I was told that if the company had trouble, that the State Guaranty Associations would step in and sell the company to a buyer who would honor my contract.
In reality I learned that according to United States Department of Justice (USDOJ) court records that from 2016-2019 Lindberg defrauded thousands of policy holders like me. Court records indicate that Lindberg moved $125 million from his company to benefit his lavish lifestyle. USDOJ alleges a $2 billion scheme to defraud policy holders doing substantial financial harm. In 2020 Lindberg was convicted of attempting to bribe the Commisssioner of North Carolina Department of Insurance. In December 2022 Lindberg’s top excutive, Christopher Herwig, pled guilty to conspiring with Lindberg to commit investment fraud, money laundering etc..
In 2019 Lindberg’s Colorado Life company was put into “rehabilitation”. The assurance I had been given by my agent that the State Guaranty Associations would protect me by stepping in did not happen. I was forbidden from transferring my savings out of Colorado Life and my interest rate was dropped to a puny 1%. My retirement savings are now held hostage. An AnnuityAdvantage email dated October 5, 2022 to AnnunityAdvantage founder and CEO Kenn Nuss states “They will lower interest rates to 1%. This will cause pain and frustration from clients. Clients are going to be very upset. Frozen client assets at 1% is a massive problem. We need to come up with some type of communication plan.” The Federal Bureau of Investigation (FBI) is involved with the investigation of Colorado Life who was AnnuityAdvantage’s top five year investment choice.
I researched what AnnunityAdvantage had been doing to represent me as their good customer in this crisis. It appears to me that AnnunityAdvantage is expecting their “industry partners and advisors” to carry the ball. This crisis has existed from 2019 to the present. Last week in my phone conversation with the North Carolina Department of Insurance I was told that “This crisis is in limbo. No one knows what or when anything will happen next. All we do is wait.” My view is that the efforts, or lack thereof, have been a dismal failure when viewed by an investor like me. On my own, I have written an article describing the impact this crisis has had on my wife and I. I asked AnnunityAdvantage to partner with me by writing an article describing how this crisis has affected their client relationships. On August 2, 2023 AnnunityAdvantage sent me this communication:
We don't understand why the entire CBL situation has yet to be resolved. At this time we are not in a position to advocate for, or with, any individuals' endeavors.
AnnunityAdvantage, Greg Lindberg and every government agency involved has made money from this crisis. Honest investors like my wife and I are the only ones that are losing money everyday because of how this crisis has evolved.
I would counsel any potential investor who is considering purchasing an annuity to consider the terrible predicament that hard working, honest, old, retired people like my wife and I are stuck in. I expected AnnunityAdvantage to be my partner in fighting for our financial fairness by writing a simple article to highlight the problem and promote solutions. Sadly, AnnunityAdvantage tells us that they are not in the position to advocate with individual endeavors. I don’t know what position that is but I feel it is a pathetically disjointed position.”
“It's another scam company don't trust them, I lost all my investment it was very depressing. But all thanks to ASTRAFIREWALL . COM for helping me recover my lost funds back from this scam firm. Highly recommend for everyone.”
