ED Magedson – Founder
J.P. Morgan Chase Bank, N.A.502 N. Los Posas, Camarillo CA Camarillo, California USA
J.P. Morgan Chase Bank, N.A. J.P. Morgan Securities LLC Preys on Seniors - Financial Elder Abusing Criminals Camarillo California
J.P. Morgan Chase Bank, N.A. and J.P. Morgan Securities, LLC, formerly known as Chase Investment Services, conspire together to financial exploit their most senior customers into purchase ill-suited "deferred income" annuities.
In this particular case, Sherrie Shruti Kohli and Melissa Griffin, both employees of Chase Bank used their position of trust and knowledge of my 76 year old mother's finances to convince her to purchase a $200,000, 29 year annuity with Western National Life Insurance. In other words, my mother would have to live to be 104 years old before she would benefit from the annuity.
All the foregoing is despite the fact that my mother placed a note on all of her accounts for Chase Bank to call me before transferring any amount greater than $5000. Moreover, of the $200,000 used to buy the annuity, $90,000 was from a home equity loan whose balloon payment was due 60 days out from the annuity purchase date. Sherrie Kohli conned my mother into signing the annuity paperwork telling her there was a problem with her account. But it gets much worse.
When confronted with the foregoing, Melissa Griffin stated that a signed Power of Attorney from our mother was needed before Chase Bank would discuss the matter with us. We obtained a signed POA from our mother and my brother was placed on all of my mother's bank accounts with J.P. Morgan Chase Bank, N.A..
However, I had concurrently filed a criminal complaint against Sherrie Shruti Kohli and Chase Investment Services with the Ventura Police Department, Ventura County Sheriffs Office, District Attorney, etc. Upon receipt of my complaint against Shruti Kohli and CHase Bank with local law enforcement, Melissa Griffin unilaterally declared the POA invalid and Chase Bank froze all of my mother's bank accounts.
Through their elder-abusing attorney at Musick, Peeler & Garrett, LLC, Barry Hovis created two new options: (1) have a doctor attest that my mother was competent to sign the POA or; (2) have a Court declare my mother incompetent and appoint a conservator. In addition, Barry Hovis, on behalf of Chase Bank, promised to compensate my mother for all lost interest as a result of purchasing the Western National Life Insurance Annuity.
To date, Chase Bank refuses to pay the lost interest, as promised (approx. $2k) and litigation continues unabated in Superior Court of California, County of Ventura.
Summarily, no matter how much you protect your elders, J.P. Morgan Chase Bank will still financial abuse them.
This report was posted on Ripoff Report on 10/29/2013 11:40 PM and is a permanent record located here: http://www.ripoffreport.com/r/JP-Morgan-Chase-Bank-NA/Camarillo-California-93010/JP-Morgan-Chase-Bank-NA-JP-Morgan-Securities-LLC-Preys-on-Seniors-Financial-Eld-1095601. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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