• Report: #670558
Complaint Review:

Phillip J Cannella lll

  • Submitted: Sat, December 11, 2010
  • Updated: Tue, November 22, 2011

Phillip J Cannella lll
HORIZON AVE KING OF PRUSSIA PA 19406 King of Prussia, Pennsylvania United States of America


*UPDATE Employee ..inside information: truthaboutcannella website not WORKING ?

*Consumer Comment: Phil Cannella's Charity work

*Consumer Comment: "Financial Expert"?????

*UPDATE EX-employee responds: did you see www.truthaboutcannella.com? OMG

*UPDATE Employee: There is nothing real about Cannella's public image

*UPDATE EX-employee responds: Hey watchdog

*Consumer Comment: to the point of being a ripoff

*UPDATE EX-employee responds: Caution For Steve

*General Comment: All is not always as it seems.

*General Comment: I question FSFG's sincerity

*UPDATE Employee: An Open Invitation

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This report was posted on Ripoff Report on 12/11/2010 02:09 PM and is a permanent record located here: http://www.ripoffreport.com/reports/phillip-j-cannella-lll/king-of-prussia-pennsylvania-19406/phillip-j-cannella-lll-first-senior-financial-group-cannella-fires-advisors-without-cause-670558. 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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#1 UPDATE Employee ..inside information

truthaboutcannella website not WORKING ?

AUTHOR: aNonyMous - ()

Hi professional. I just tried to open truthaboutcannella (dot)com and it does not open. In fact its listed for sale fopr 2k. What happened to the watchdog and the admin who was running that site ? How do I get in touch with those people? I have more information which could be useful to bring out the truth. please respond soon. I cannot reveal my name or email here and dont think ripoffreport has private messaging facility. so best if someone can post the new email for the watchdog site admin.


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#2 Consumer Comment

Phil Cannella's Charity work

AUTHOR: Professional - (United States of America)

Notice that phils charity work did not begin until AFTER the launch of truthaboutcannella[dot]com. He was not a phil-anthropist until forced. Th first 50k he donated was an advisor's commission rather than paying the guy.
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#3 Consumer Comment

"Financial Expert"?????

AUTHOR: Just Me - (United States of America)

Cannella calls himself (as does NBC10) a "Financial Expert".  Cannella's foundation (Golden Age) took $917,000 dollars from elderly donors (some of which were over 90 years old and dying) between 2001 and 2004.  Along the way Crash Proof Phil, the "Financial Expert" invested in risky stocks and mutual funds and proceeded to lose over $150,000 of the elderly people's money in those investments.  In 2005 he cited "lack of interest by seniors" and changed the foundation to Amateur Athletics (???).  This is all according to their Tax returns that are publicly available.  Today, in King of Prussia on the former office site of the "Golden Age Foundation" stands a state of the art training gym, funded and built with proceeds from people like 94 year old Sam Tryens who died in 2004 after donating over $400k to help "educate the elderly".  I doubt this is what Mr. and Mrs. Tryens had in mind and I doubt old Phil ever mentioned making olympic athletes in his "seminars".    I guess dead men tell no tales Phil?  If Phil the "expert" can't manage a foundation portfolio he oversaw, can he manage others' money?  What he did should be illegal if somehow it's not and CERTAINLY fits the definition of a "rip-off".
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#4 UPDATE EX-employee responds

did you see www.truthaboutcannella.com? OMG

AUTHOR: David - (United States of America)

hey I got an email from somebody. did you people see this?


it shows a lot of not so nice stuff about Phil Cannella and this company. Its very revealing. It shows Phil Cannella as: ripoff, scam artist, unethical and <gulp> even racist. there is a court document that supports it. yikes!
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#5 UPDATE Employee

There is nothing real about Cannella's public image

AUTHOR: Sword of Truth - (USA)

I recently left employment at First Senior Financial Group. Everything about the image that Phil Cannella portrays to the public is false. He terrorizes his employees and in real life only sees retirees as a source of cash to line his pockets. He does not care about the elderly. He only cares about himself.

He is a racist and bigot. He owes me money for my last days of employment, but like so many others, I'll probably never see it. He's already threatened to sue me for defamation of character if I go to any State agencies about him.

I can only hope that the others at First Senior Financial Group are able to get out soon. All the employees want to leave. They know Phil Cannella is breaking the law and they are worried they will get in trouble when the authorities finanlly shut him down.

I found this web site. If you really want to know about the real Phil Cannella you should read it. He is such a horrible person that it's scary:


I just hope that that the authorities read this and that Phillip J Cannella, III gets a taste his own medicine. He has hurt so many people.

If you are thinking of working for him, RUN!
If you are thinking of investing with him, RUN!

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
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#6 UPDATE EX-employee responds

Hey watchdog

AUTHOR: David - (United States of America)


were you involved in discussions to become an advisor? just wondering. be glad u didn't join them! phil is a crook. hes stolen so much money in commissions and his regular pay is lousy. also joann small and moskowitz arent the same person.
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#7 Consumer Comment

to the point of being a ripoff

AUTHOR: Watchdog - (United States of America)

I believe Mr. Cannella is fraudulent in many ways.  For example, he began a charity in 2001 called "Golden Age" which at the time was
founded for "Educating the elderly".  After collecting large sums from
elderly donors, the foundation has since been conveniently if not potentially illegally converted to providing support for amateur athletics which Mr. Cannella's partner (Erich
Radtke) and his son are involved in, using the proceeds obtained
previously from elderly donors expressly for the purpose of "Educating
the elderly".  Mr Cannella obtained these donations through his
"seminars" targeting retirement communities.  In addition, Mr. Cannella
and Mr. Radtke have taken large sums of money from the foundation as
compensation.  Returns for 2001 through 2009 are public domain and can be viewed by anyone. Take note of the frequent change of accountants
and auditors in the short 9 year life of this foundation, which is  a major red flag. 

Furthermore, to provide some insight as to the character of Mr.
Cannella, he has been very vocal and outspoken in his supposed distaste
for the mutual fund industry however, his foundation is invested in ALL
mutual funds per the public records and owns none of the "crash proof" vehicles he peddles an promotes as superior to the very funds he himself owns. 
Mr. Cannella also is/was a controlling shareholder in the
Scudder European Equity Fund owning over 35% of a large international
mutual fund, which again he has been extremely outspoken against (public info in the SEC EDGAR database). 
Though this investment is legal, it provides strong insight as to the
character or lack thereof, possessed by Mr. Cannella when he is telling
anyone who will listen that these same investments are unsuitable. 
Frankly, Mr. Cannella is the type of snake oil salesman that gives
financial services a bad name.  You should do your homework on him and you will find he has
absolutely no credentials as a "financial expert " and there are red flags around him

The products he sells (insurance index annuities) are some of the highest commission products on the market today and have been outlawed by reputable financial firms because of their potential use and abuse by people like Cannella and their limited upside but massive downside to the investor. 

Cannella has no securities licenses and no securities training of any
kind yet he holds himself out as a "financial expert" on radio and TV,
which I believe is illegal.  The SEC has stated that a person is
“holding himself out” to the public as an investment adviser if he
promotes himself as providing financial planning, pension consulting or
other financial advisory services:

• by general advertising or general mailings (this would be Mr. Cannella's radio show, which is a paid advertisement);

•by using the term “financial planner” or “investment adviser” (exact
title used by Mr. Cannella as relayed by Mr. Bill Henley on the10!show
while introducing Mr. Cannella)

• by letting it be known, through word-of-mouth or otherwise, that he
is available to provide financial planning, investment advice or similar
advisory services. (which is done regularly where Mr. Cannella
regularly provides advice on specific investments such as 529 plans
mutual funds etc).

In short you will be hard pressed to find a bigger ripoff than this man,
Mr. Crashproof, Phil Cannella and his very willing but not able cohort,
Joanne Moskewitz (Stage name Joanne Small).
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#8 UPDATE EX-employee responds

Caution For Steve

AUTHOR: David - (United States of America)

Steve, i am a former employee of FSFG. If they have been so kind to call you and offer you an apology, thats nice. However if they offer you ajob after you posted a report, I'd think twice about accepting it. Working for FSFG is a little like slavery. Phil owns you and makes you know it. He frequently does not sign paychecks on time either. Hes not the nice guy he pretends to be on the radio. I've seen him be downright mean to employees. There is also lots of nepotism there too.He also claims to treat clients really well but secretly treats old people bad. I've seen it personally. The person who responded to your post sounded a lot like a lawyer or somebody who knows how to wow people with legal BS,quoting the first ammendment and such.

They blame it on quick growth, but I've seen them personally treat people bad. If they treat their employees that way, how do they treat their clients?

I can also verify that other person that said FSFG does not pay their advisors. Its true. I've seen good people spend months here and not get paid for their work or only partially paid. Its a mean thing to do in bad economic times like these. FSFG is cheating good honest people out of a living.

But dont take my word for it. Work there and see for yourself. Just remember to tell your story when you are done there to warn potential employees and clients.

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#9 General Comment

All is not always as it seems.

AUTHOR: Steve - (United States of America)

I am the same individual who filed the above item titled "I question FSFG's sincerity"--and that item shows the danger in jumping to conclusions. Apparently the situation described in that item was the result of a misunderstanding stemming from a hectic growth environment at FSFG as well as an abrupt change in personnel at the time of my interview. I was frankly impressed by the company's all-points response to my posting. I've been assured by Mr. Cannella personally (and promptly) that this was a case of things "falling through a crack"--due to a single weak link in the chain--rather than a case of indifference on his or the company's part. I must applaud FSFG for its hands-on approach to resolving this matter. That was all I sought originally: an email or a phone call. And in just the past 24 hours I've received far more than that.

In fairness, I also accept my responsibility for not availing myself of the other contact options Mr. Cannella suggested in his recent calls. Though at the time I didn't want to make a nuisance of myself, I understand his position. ... And to be clear: I am NOT saying any of this "under threat of" anything. I am merely taking the same initiative here that I took in posting my comments in the first place. What's right is right.

As a more general matter, I would encourage all employers to go out of their way to exercise TLC in the handling of job interviews and the hiring process as a whole. These are tough times. Although thankfully I am not staring into the abyss, many prospective job-seekers are. I urge companies to be sensitive to that, and to recognize that these are not just resumes they're dealing with, but actual lives.

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#10 General Comment

I question FSFG's sincerity

AUTHOR: Steve - (United States of America)

I cannot speak to the facts alleged in the original complaint against First Senior and Mr. Cannella. I can, however, say that my own experience in interviewing for a job at FSFG makes me question the nature of the "ethical framework" established by Mr. Cannella. Those of us who endured the evaluation process, and especially those who were invited back for a second interview, expended quite a bit of time, energy and thought (in an unorthodox hiring format, to say the least). As part of the evaluation process, we were also asked to supply sample marketing copy to FSFG--one might say we were given a "homework assignment." Throughout this process I represented myself fully and accurately as a widely published author and a senior-level freelance editor and publicist; I explained to my interviewers that I rarely put myself in nomination for "inside" jobs, and I was led to believe I would be given the consideration and respect due someone of my professional standing. (All candidates had an absolute right to expect this, of course.) As we left following the second interview, we were encouraged to "call or email anytime."

Nevertheless, I did not hear back from FSFG--not one word--after I submitted my sample document. This, despite at least two follow-up emails (spaced at reasonable intervals; I did not want to harass anyone). I was given no closure insofar as whether a hire had been made; I was not even given the mere courtesy of a rejection letter. This strikes me as a very poor way of treating people, especially in these uncertain economic times, and even more so when an outfit claims "consumer advocacy" as its very stock in trade. This in turn makes me wonder about those sample documents we submitted: A cynic might assume that was a cheap and easy way for FSFG to obtain free marketing copy from dedicated, well-intentioned (albeit naive) job candidates. I realize that sounds farfetched. But who even knows what people are capable of anymore these days?

All I can do at this point is fall back on the old cliche: "This is no way to run an airline..."

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#11 UPDATE Employee

An Open Invitation

AUTHOR: First Senior Financial Group - (United States of America)

First Senior Financial Group is a senior advocacy firm.The above post is inaccurate and defamatory in nature.First Senior Financial Group always acts in the best interests of The American Retiree.The above post was obviously written by a self-serving disgruntled advisor that was at one time affiliated with First Senior Financial Group.In its ongoing efforts to always act in the best interests of The American Retiree, First Senior Financial Group terminated certain affiliations with some financial advisors, all of which are independent contractors, when it was found that they were self-serving and thereby not acting in the best interests of the consumer; it was these advisors that took advantage of the retiree by maximizing their own interests and attempting to line their own pockets at the expense of the consumers.First Senior Financial Groups corporate mission is facilitated through transparency.We invite any advisor, attorney, legislator or regulator to take us to task on this statement of fact.We at First Senior Financial Group are confident of our mission and the methods by which it is undertaken.We further invite the individual that made the post to back up their words with action your unsubstantiated allegations will never carry the day in any court or tribunal.Hiding behind anonymity on a web site is in and of itself proof of the baseless nature of these allegations.Step into the light and speak, as, out of the shadows, all can plainly see your lies.

Ripoffreport.com and its owner profess to be consumer advocates.Yet allowing disgruntled employees to post libelous information, without repercussion, does NOTHING to advance consumer advocacy.A true consumer advocacy firm, such as First Senior Financial Group, ALWAYS deals from the strength of truth.Ripoffreport.com, as seen through a multitude of law suits filed against it, hides behind Constitutional law that was meant to protect Freedom of Speech, not turn it into a shield for a business endeavor.This is exactly what Ripoffreport.com does; charging fees for a Corporate Advocacy Program and to act as mediator for a fee to remove defamatory posts such as the one posted against First Senior Financial Group does nothing in the name of consumers it is merely a marketing ploy to further the financial interests of a biased entity.

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