WHAT
ABOUT
SUITABILITY?
There will undoubtedly be varying
opinions as to whether this was the
best product for Fran to purchase.
However, this case is not about Neas-
ham being in violation of the Suitabil-
ity in Annuity Transactions statutes
of California. Neasham was tried for
theft. John Olsen, President of Olsen
Financial Group said, “… the substan-
tial restrictions upon liquidity that the
MasterDex imposes might be consid-
ered excessive or unwarranted by the
benefits provided (including the 10%
interest bonus that is only realizable
if the contract is annuitized). Those
reactions did indeed form part of the
charge of theft that the Lake County
District Attorney brought against
Neasham but do not, in my judgment,
rise to the level of theft. I would very
likely have testified in a civil proceed-
ings or FINRA arbitration that the
annuity sale was unsuitable but had I
been asked, in a criminal court if the
annuity restrictions and the commis-
sion payable to Neasham amounted
to theft I would have said absolutely
not. But that is a legal judgment, as
to whether a given act fell within the
bounds of a criminal statute. I firmly
believe Neasham’s actions did not.”
Although suitability is tightly
tethered to this case that is not what
the case is about. If it were, the case
would be tried in different venue,
under different standards and would
most likely result in a much different
sentence.
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DM042012
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