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Report: #1191368

Complaint Review: LPI Financial Serices, Inc - Waco Texas

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  • Reported By: Pat — San Jose California
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  • LPI Financial Serices, Inc 8225 Central Park Dr Waco, Texas USA

LPI Financial Serices, Inc Life Partners Inc Misrepresented product Waco Texas

*Consumer Comment: U.S. judge orders Life Partners, two executives to pay $46.9 million in SEC case

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I was very interested in the product - as it was primarily for people with AIDS and would allow those folks to borrow

against their life policies to assist in their quality of life.  The product was sold with an estimated termination period of

the policies.  I understand actuarial numbers and understand some miscalculations.  But what I do not understand is

not being off by a few months or a couple of years; but way past that timeframe; and now are asking for additional

money to keep the policies in effect.  LPI does not respond to phone calls or letters - BUT they sure can send out

bills for payment and now they are adding on additional services and demanding payment for those as well.  When

I was made aware of a class action lawsuit being filed - I asked them (in written form) for information - No response!

Now that they show that the class action has been dismissed - they are sending out bills like crazy...at this point I am

not sure what they are billing for.

 

These folks take a product that should be "giving something back" to being the "product from hell!"  And they

are still operating "business as usual!" 

 

I am so disappointed the initial agent Kunio Okui out of Castro Valley, CA made his commissions and when the s--- hit

the fan - he referred us all to LPI direct and washed his hands of the LPI folks.

 

Obviously a bad investment - please keep my money and let me go free.  This request was made in one of

the letters sent to the LPI folks with "no response!"  Most folks have made a bad invesment or two - but these

folks will not let you go.  Most of the investors will probably die before the initial policyholders!

 

 

 

This report was posted on Ripoff Report on 11/25/2014 01:37 PM and is a permanent record located here: https://www.ripoffreport.com/reports/lpi-financial-serices-inc/waco-texas-76712/lpi-financial-serices-inc-life-partners-inc-misrepresented-product-waco-texas-1191368. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
0Author
1Consumer
0Employee/Owner

#1 Consumer Comment

U.S. judge orders Life Partners, two executives to pay $46.9 million in SEC case

AUTHOR: MLS582 - ()

POSTED: Thursday, December 04, 2014

We lost near $100,000 its been over 10 years - From reading what other people wrote here and other places they explain the same thing - told us the same thing - only 3 to 4 year expected life.

We refused to pay them any more - near 2 or 3 years ago near $4000 or more - now they try near $200 to $300 giving them more money is just giving into their scam.

Reuters wrote - Wed Dec 3, 2014 12:18am EST - U.S. judge orders Life Partners, two executives to pay $46.9 million in SEC case - see more here http://www.reuters.com/article/2014/12/03/us-usa-sec-lphi-idUSKCN0JH0AM20141203

Therefore the more people that get together to make it a class action lawsuit - with excellent evidence can get somewhere with this - now that the SEC has done something - is my thought.

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