Jail the CreepUnsuitable annuities are being sold across California and the United States to older adults. The most egregious involve flipping all or a major part of the life savings of an older adult who is already in need of assistance, into annuities that have substantial surrender charges. We urge prosecutors across the U.S. to pursue those who victimize older adults in this way.Creep: David Alfred Tetley -- In 1988 Cecil Hyatt (now age 80) met David Alfred Tetley at a financial planning seminar for retirees from Lockheed Martin. Over the years, Mr. Hyatt (who now suffers from dementia) bought a number of annuities from Tetley. Mr. Hyatt and ten others were victims of Tetley's scam involving "churning" of annuities -- Tetley repeatedly sold them new annuities to replace existing ones, resulting in more than $750,000 in surrender charge losses to these victims. Tetley profited each time he sold an annuity. California Insurance Commissioner Garamendi investigated the case and referred it to the Los Angeles County District Attorney for prosecution. As a result, Tetley has now been sentenced to six years in prison and ordered to pay restitution to his victims. This article is based on an article by Jean Guccione titled "'Churn' Artists Favor Seniors -- as Victims" appearing in the Los Angeles Times, on November 28, 2003. Have a success story about prosecuting a creep? Let us know at question@help4srs.org February 2004
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