A financial advisor from Michigan is facing serious charges in court over claims of insurance fraud. Todd Bernstein, 67, who lives in Birmingham, is accused of providing false information on annuity applications for his clients, all of whom are over 65 years old. The allegations say he tried to hide the fact that these new annuities were funded by money from annuities the clients surrendered early.
Bernstein waived his preliminary exam and will now stand trial. He faces four counts of insurance fraud, each carrying up to four years in prison. The case highlights concerns about the safety of elder consumers when dealing with financial professionals.
Attorney General Dana Nessel emphasized the importance of trust in financial advising. She said her office is focused on protecting Michigan residents from harmful and illegal practices in the financial industry.
No date has been set yet for Bernstein’s trial. This case is a reminder that it’s important to watch closely over financial deals, especially for older adults who may be more vulnerable.