Customer satisfaction commitment: Primerica | Ripoff Report

Your Search: Primerica

There may be more reports for "Primerica"

For more results perform a general search for "Primerica"

Wondering if a report is missing? We DO NOT remove reports.

1, Report #7956
Nov 19 2001
12:00 AM
Primerica sued in Canada
EDitor's Comment: Rip-off Report Investigation: Primerica gets a POSITIVE RATING in customer support from Rip-off Report and is fulfilling its commitment to provide excellent customer service. Primerica pledges to resolve complaints and address representative issues. For a long time this EDitor had concerns about Primerica because of the number of Reports about them. For many months Rip-off Report was looking into the company, even before they contacted us to resolve any issues and mostly misunderstandings being posted by competitors. With over 100,000 representatives and 6 million clients, Primerica is bound to be the subject of a certain number of complaints about improper agent conduct, as well as product and administrative complaints. Rip-Off's investigation found such complaints, but importantly also found that Primerica is committed to resolving such complaints quickly and doing everything possible to satisfy its clients. It also takes appropriate action against any of its representatives who are found to have conducted themselves improperly or unethically. We believe that the number of complaints against this company, whether through the Internet or other channels, is small when put into the context of its enormous size. Most big companies would never commit themselves like Primerica has. Read our investigative Report and Primerica's commitment to 100% consumer satisfaction.
Entity: Nationwide
2, Report #124754
Dec 28 2004
05:47 PM
Primerica Primerica Rips Off Senior. Former Primerica exec convicted of bilking senior Citizen Duluth Georgia*UPDATE: Primerica offers a good business opportunity & stands behind its products & services- - Company Executives have told Rip-Off Report that Primerica pledges to resolve complaints & address any inquires from the past, present & in the future.
I wanted to repost under a more descriptive heading to get the message across what Primerica is capable of doing. Primerica is already known for being a fraudulent company. However it has stooped to a new low by stealing from a senior citizen through one of their executives as the following report will explain (reimbursing the victims doesn't excuse the crime that was committed). Former Primerica exec convicted of bilking senior A one-time regional vice president at Primerica Financial Services has pleaded guilty to felony grand theft following a California Department of Insurance investigation. Herbert Amos Jones of Bethel Island was sentenced to the 44 days he served in county jail and ordered to pay $25,000 in restitution to Primerica, which had already reimbursed victims for their losses. 'This case reflects the growing problem of financial elder abuse, said Insurance Commissioner John Garamendi in a statement released to the media on Friday. California insurance agents and brokers are put on notice that preying on senior citizens' hard earned - and usually very necessary funds - will not be tolerated.' Jones was arrested in Florida in September and extradited to California for prosecution by the Contra Costa County District Attorney's Office. The department's investigation had found that Jones, who surrendered his insurance license when he fled California, convinced a 69-year-old woman and her 38-year-old daughter to invest $25,000 with him. Jones diverted the mother-daughter funds, failed to secure valid proof of the investments, then submitted incomplete, falsified documents to the daughter in an effort to hide the crime, the department said. The investigation also showed that the daughter's U.S Postal Service pension plan was cleaned out, causing her additional tax penalties. Primerica's restitution included reimbursement of those penalties. The department said it believes there may other victims who had business dealings with Jones. 2004 American City Business Journals Inc. Stuart North Brunswick, New JerseyU.S.A.
Entity: Nationwide
3, Report #130356
Feb 06 2005
08:59 PM
PRIMERICA I agree, Primerica uses questionable ways to lure you ripoff Tampa Florida*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
I have read a lot of the reports and rebuttals on your rip-off website, and have to agree on all the the points. I was contacted at about 5.00 p.m. one evening by a recruiter, who told me that his company was expanding their operations in Tampa and I was referred to him by someone. He wemt on to say that he thought I may be qualified for a position of office manager in one of their Tampa's new offices, and asked me what kind of experience I had. I told him that I had long administrative experience, as well as extensive experience in sales. He went on to ask me if I could meet with him for an interview that same evening at 7. p.m. at his Brandon office. Since I live about an hours drive away, and was busy preparing a presentation for a client at the time, I said I would not be able to make it then, and he asked if we could me on Saturday morning at 8.15 a.m. I got quite excited, since I had been looking for a job for some time, and I hardly slept the night before. I promptly arrived at the address given to me, and at the building's lobby, I was asked to sign in, before I went up to the 12th floor. I got in the elevator with a few other people, thinking to myself, that this company must have a lot of people working on a Saturday. Well, the big red flag blew in my face, just as soon as the elevator doors opened, when I faced not an ordinary quiet office setting, but a crowd of people meandering. Before I had the time to turn around and get out, I was caught by one of the hosts who asked my name and the name of the person who contacted me. I felt trapped right then and there, but thought that since I had traveled all that way, I might as well hear what it was all about. By the way, the whole 12th floor consisted of two rooms, one completely empty, and the other we were guided to after a few minutes, with rows of fold-up chairs. Of course everyone knows the rest ..... same speel, same BS, to which at the point where rule 72 was being explained and so on, I raised my hand and asked a simple question, as to how safe, and what guarantees would Primerica provide to clients investing in Mutual funds, supposedly returning a 12% compounded interest. The answer was, we will get to that in a moment, which of course never happened. What struck me the most was, that while listening to these so called Vice-Presidents telling us that within two years they were making six figure incomes, I noticed that each and every one of them had taken the trouble to look dressed for success, but without much success at all. That told me a lot about the big picture. My face must have told a thousand stories, because as I filled in the form, giving out no information whatsoeve, but just writing a big no, before I even handed it back to my sponsor, he knew what the answer was. I was spitting mad, not only because I woke up so early on a Saturday morning and got myself ready for an interview only to waste my time, but at myself to for falling for it. I feel very sorry for the gullible people who grab the bait so easily, thinking that they finally stumbled upon the opportunity of a lifetime. Electra Lutz, FloridaU.S.A.
Entity: Tampa, Florida
4, Report #159895
Oct 07 2005
11:28 AM
Primerica Primerica-ripoff fake job interview offer ..Thank you all! Oak Brook Illinois*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
10/7/05 Tom Berchos of Primerica called me saying that my resume was passed around the office and he was given my name and number to call me for an interview. I asked where they got my resume and he didn't know. He asked if I had ever heard of Primerica and I said yes, and he seemed jumpy almost nervous and asked how I know of them. I said I thought I had heard of them in the financial news, but couldn't rememeber. Tom then said they were related to Citibank and some other big company. He asked me about my work history, which I asked if my resume was passed around, why would he ask? He said he hadn't seen it so that's why he's asking me. Tom said he was interested in my work history and that he would like me to come in for an interview. I set a time and got all the necessary information such as address, directions and telephone number in case I got lost. Well, as I try to do before each interview, I did a google search on Primerica and BOOM!! all this bad information about the company popped up! Thank you all for writing and letting me know that this is a scam. I would have been very pissed to have taken the time and would have been polite enough to sit through their presentation, but never would have fallen for the scam of fee-based jobs! I'm not going to call them, I'm just not going to show up. I do, however, feel that they took advantage of me knowing that my resume was posted and that I am searching for a real job. Mc Park Ridge, IllinoisU.S.A.
Entity: Oak Brook, Illinois
5, Report #218861
Nov 03 2006
01:02 AM
Primerica Shareholder Services Perspecitve of a customer service rep for primerica Daluth Georgia*UPDATE: Primerica gets a POSITIVE rating from Rip-off Report in customer support & satisfaction. Primerica pledges to resolve complaints from the past, present and in the future, and give 100% commitment to customer service-say Company Executives!
EDitor's Comment: Rip-off Report Investigation: Primerica gets a POSITIVE RATING in customer support from Rip-off Report and is fulfilling its commitment to provide excellent customer service. Primerica pledges to resolve complaints and address representative issues. For a long time this EDitor had concerns about Primerica because of the number of Reports about them. For many months Rip-off Report was looking into the company, even before they contacted us to resolve any issues and mostly misunderstandings being posted by competitors. With over 100,000 representatives and 6 million clients, Primerica is bound to be the subject of a certain number of complaints about improper agent conduct, as well as product and administrative complaints. Rip-Off's investigation found such complaints, but importantly also found that Primerica is committed to resolving such complaints quickly and doing everything possible to satisfy its clients. It also takes appropriate action against any of its representatives who are found to have conducted themselves improperly or unethically. We believe that the number of complaints against this company, whether through the Internet or other channels, is small when put into the context of its enormous size. Most big companies would never commit themselves like Primerica has. Read our investigative Report and Primerica's commitment to 100% consumer satisfaction.
Entity: Florence, Kentucky
6, Report #66347
Nov 03 2015
03:48 PM
Primerica Financial Services And (((REDACTED)))? Pyramid Primerica is what they should be called! Modesto California*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
The least they could do is admit that its a pyramid. This one is is listed on the BBB with 0 complaints; humm I wonder who handles that? To top that its been in business since 1977. Ripping people off for that long, What a shame. The saddest part is that there must be worse people out there than them because they actually helped some of these people by ripping them off less than what they were previously being ripped off (as far as homeowners with absolutely no clue about finances). So I guess you could say that Primerica does help people. If you call that helping them. Thats not the way I want to help someone. Another thing that really bothers me is that some of these people are well educated. I cant figure them out. Brainwash? Greed? Ignorance? Fools? These people are good at what they do. Good at getting people motivated. Good at convincing others as well as themselves that its all good. There is so much good going on in these meetings its hard to see any thing wrong with that. I dont appreciate be taken for the way that I was. I was up front and very honest with this person about my financial situation. I was desparate and now I feel like Ive been taken advantage of. Stephanie turlock, CaliforniaU.S.A.
Entity: Modesto, California
7, Report #76514
Jan 07 2004
06:26 AM
Primerica Friend got taken by Primerica Bellevue Nebraska*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
One of my friends fell for their line. I can't recall how much she paid, but it was $100's for signing up, taking insurance tests, real estate license, etc. We allowed her to come to our home with her recruiter. He wanted to sell us insurance. When we told him we had plenty ($75K for me, a stay-at-home-mom with children 10, 12 and 16; $600K for my husband). He then tried to convince us that even though our rates are LESS than he is charging, we should change because he can guarantee his rates won't change and my husband's employer can't do that. My husband has been at that company over 10 years and their premium increase rate so far would still mean us paying less by staying where we are, but he tried to convince us that paying more for insurance would help us financially. How??? We did ask about an interest rate for re-financing our mortgage. He then told us that he couldn't give us a rate because we don't do it like that. He 'explained' (actually avoided the question) by saying that what they do is a package so they don't actually have an interest rate. WHAT??? How can they write a mortage without an interest rate? I told him that I wasn't interested in insurance so if he wanted my business he would need to give me an interest rate. He declined. Now WHY would anybody who was honestly doing business (without trying to mislead somebody else and 'hide' in a package deal) not give me an interest rate. I went so far as to tell him I would ABSOLUTELY give him my mortgage if he provided me with a rate that was the same or better than what my bank was offering. He never even returned my call. Unfortunately for my friend, she is out all that money (got ZERO recruits. April will be 2 years since she signed up) and time she spent studying for all the tests. Cecelia Bellevue, NebraskaU.S.A.
Entity: Bellevue, Nebraska
8, Report #113826
Oct 20 2004
10:24 AM
Primerica Financial Services Primerica Financial is a JOKE!! Woodbury Minnesota*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
I received a phone call from S#%@e (I won't use his real name because I don't want him harassing me again) from Primerica Financial in Woodbury, MN saying he had come across my resume on line, was very impressed and would like to speak with me about some great opportunities. The thing that seemed suspicious is the only thing he seemed to know about me was my name. He asked a couple of cheesy questions like: Was I interested in helping people with difficult financial situations, was I interested in exploring other career opportunities, was I trainable, and a few questions about my backgroun. I said yes and he seemed very eager to set up an appointment. He gave me the option of coming to one of the seminars everyone here has talked about, or if I wanted I could meet with him one on one. I chose this option so I could do a bit of research before I went into the so called interview the next week. When I did a search for Primerica this website was the second result, second only to the official Primerica website which seemed shady (no information on careers). I even was going to give them the benefit of the doubt because in most businesses there are people who can't be pleased, so I typed the name of the financial company I use... nothing. S#%@e even went so far as to give me two reminder calls about our so called interview each day prior. Who calls to remind you of a job interview, please. I called S#%@e and left a message that I am calling to cancel my interview, after doing extensive research on Primerica and reading hundreds of testimonials about their unethical and borderline illegal practices I do not feel I would fit well in your company, and good luck with your scam. He called back the next day and sounded a bit peeved, that he was disappointed and disturbed by my phone call, and if I had done research like I claimed I would have found blah blah blah, and he quoted some crap that ABC News supposedly said about them. He then reinforced the fact that he never read my resume when he said With a comment like that I have a hard time believing you have supervised over forty people like you said earlier. What was so funny to me is they can't even think to run a good scam; making it obvious they have never seen a resume, calling for reminders about a job interview from a different phone number each time, and calling back after someone has insulted their company. What I don't understand is how some of these reputable agencies and organizations can put their good name alongside Primerica; they obviously have no idea what they are up to. Thanks to this website for preventing me from wasting hours of my life listening to these people try and brainwash me into thinking Primerica is a good company. I will be looking for these guy's resumes on monster.com when they go out of business and can't get hired by other financial companies because they worked for a cult. Peyton St. Paul, MinnesotaU.S.A.
Entity: Woodbury, Minnesota
9, Report #95944
Jun 22 2004
01:45 PM
Primerica aka PFS Primerica ripoff, misleading, Charlotte North Carolina*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
I have to been contacted by one of Primerica's recruiters and was scheduled for an interview. He basically told me about the potential that the company has and the direction they were moving in. As other articles told, they are not interested in educational background or skills. They will do any and everything they can to get you to sign up with the initial $200, that they say they give back to you when you complete the training. That is also a rip-off, because they fail to tell you that no only do you have to complete the training, but also pass the state test which is another $100 to take. Now you have spent $300 and promised back $200, but can't get that until you are licensed. Either way you start out in the hole and all of those kitchen table meetings that you set up for them to make profits you never see a penny of. If you are smart you won't give the initial $200, but if you did, you can get refunded $150 of that back. If you don't go to the classroom training, you may receive your money back. This is why they keep really close contact to you for you to make that first class and they know that the money is in the bank from there. I had a very unfortunate incident happen to me at PFS that I will have to live with for the rest of my life. I am in no way blaming the situation on them in no way, shape or form, but the last meeting I went to right before my first class I went in with my 2 yr old son because I had no babysitter. My son is running around all around the office for a few minutes and comes back and wants me to pick him up. I do and then when I was headed to the elevators, my son wouldn't/couldn't bear any weight on his legs or feet. To make a long story short. I have a 2 yr old son who is now paralyzed from the waist down. This was my last memory of PFS..... Byron Charlotte, North CarolinaU.S.A.
Entity: Charlotte, North Carolina
10, Report #96810
Jun 28 2004
02:49 PM
Primerica Primerica only works if you do - Yeah right! - MLM Warning ripoff Dallas Texas*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
Give me a break. These jokers are a complete waste of my time and MY MONEY. Why don't they just tell you directly, on the phone, what they want. They need you to MLM!!! You hear me?!! What part of that don't you guys understand. It's not a salaried position, benefits, company prodcurement card, etc.. I don't PAY someone to work. When I apply online, I don't want someone soliciting me a job and then saying I have to pay. What garbage. Now YOU pay me for my wasted gas, dry-cleaning for a supposed interview with a REAL Fortune-50 company and foregone opportunities with actual corporations. What a joke. Primerica only works if you do Dave Irving, TexasU.S.A.
Entity: Dallas, Texas
11, Report #122534
Dec 12 2004
11:05 PM
Primerica Ripoff Former Primerica executive convicted of bilking senior A one-time regional vice president at Primerica Financial Services has pleaded guilty to felony grand theft following a California Department of Insurance investigation. Duluth Georgia*UPDATE: Primerica offers a good business opportunity & stands behind its products & services- - Company Executives have told Rip-Off Report that Primerica pledges to resolve complaints & address any inquires from the past, present & in the future.
The following report dated 11/5/04 reports how a Primerica RVP ripped off senior citizens. The RVP was caught up to in Florida and Primerica was forced to make reimbursement. Former Primerica exec convicted of bilking senior A one-time regional vice president at Primerica Financial Services has pleaded guilty to felony grand theft following a California Department of Insurance investigation. Herbert Amos Jones of Bethel Island was sentenced to the 44 days he served in county jail and ordered to pay $25,000 in restitution to Primerica, which had already reimbursed victims for their losses. This case reflects the growing problem of financial elder abuse, said Insurance Commissioner John Garamendi in a statement released to the media on Friday. California insurance agents and brokers are put on notice that preying on senior citizens' hard earned - and usually very necessary funds - will not be tolerated. Jones was arrested in Florida in September and extradited to California for prosecution by the Contra Costa County District Attorney's Office. The department's investigation had found that Jones, who surrendered his insurance license when he fled California, convinced a 69-year-old woman and her 38-year-old daughter to invest $25,000 with him. Jones diverted the mother-daughter funds, failed to secure valid proof of the investments, then submitted incomplete, falsified documents to the daughter in an effort to hide the crime, the department said. The investigation also showed that the daughter's U.S Postal Service pension plan was cleaned out, causing her additional tax penalties. Primerica's restitution included reimbursement of those penalties. The department said it believes there may other victims who had business dealings with Jones. 2004 American City Business Journals Inc. Here's the link: http://www.bizjournals.com/sanfrancisco/stories/2004/11/01/daily54.html Stuart North Brunswick, New JerseyU.S.A.
Entity: Duluth, Georgia
12, Report #211985
Oct 05 2006
12:42 AM
Primerica Financial Services primerica truths and things they don't tell you ripoff Duluth Georgia*UPDATE: Primerica gets a POSITIVE rating from Rip-off Report in customer support & satisfaction. Primerica pledges to resolve complaints from the past, present and in the future, and give 100% commitment to customer service-say Company Executives!!
EDitor's Comment: Rip-off Report Investigation: Primerica gets a POSITIVE RATING in customer support from Rip-off Report and is fulfilling its commitment to provide excellent customer service. Primerica pledges to resolve complaints and address representative issues. For a long time this EDitor had concerns about Primerica because of the number of Reports about them. For many months Rip-off Report was looking into the company, even before they contacted us to resolve any issues and mostly misunderstandings being posted by competitors. With over 100,000 representatives and 6 million clients, Primerica is bound to be the subject of a certain number of complaints about improper agent conduct, as well as product and administrative complaints. Rip-Off's investigation found such complaints, but importantly also found that Primerica is committed to resolving such complaints quickly and doing everything possible to satisfy its clients. It also takes appropriate action against any of its representatives who are found to have conducted themselves improperly or unethically. We believe that the number of complaints against this company, whether through the Internet or other channels, is small when put into the context of its enormous size. Most big companies would never commit themselves like Primerica has. Read our investigative Report and Primerica's commitment to 100% consumer satisfaction.
Entity: Duluth, Georgia
13, Report #122228
Dec 10 2004
02:11 PM
Primerica CitiGroup ripoff Coquitlam British Columbia*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
Thank you for the report. This comapny does kinda stink. A little knowledge goes a long way. I might just go see this meeting with the reps just for laughs. I spent too much time in University for a scam to take me. The one thing I leant at University was research, research, and research a company before dipping your toes in . Johnny vancouver, British ColumbiaCanada
Entity: Coquitlam, British Columbia
14, Report #128556
Jan 22 2005
07:35 PM
Primerica ripoff Lure of a job Carlsbad california*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
This is to all people who post their resumes on such sites as monster.com. I was contacted by Primerica to come in for an interview. When I asked what the job position was I was told Don't worry Mr Porter will explain everything What kind of an answer is this, especially when my resume indicates clerical. I keep the interview appointment and find out it is just a lure to get you in to their office for a damn sales pitch. I was shocked that these people use a Job Service as a means of luring people in to try to get them hooked on a sales pitch. He has called several times wondering why I never showed back up for their workshop that they have every saturday in their office in carlsbad. HMM I wasted a half day of vacation to keep an interview assuming that it had to do with my resume for a clerical position. Diane vista, CaliforniaU.S.A.
Entity: Carlsbad, Florida
15, Report #145704
Jun 10 2005
11:37 AM
Primerica Finacial ripoff Warner Robins Georgia*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
My Name is Christina Anzalone and I have recently been used and decieved by the company Primerica. I went in for a interview and They told me they help people with debt and money issues, which sounded okay at the time. I was told that I would start out working part time and making Five Hundred thirty dollars or more a week Just sitting down and talking with one family for 4 hours of my time. Well, then the representative I spoke with had me fill out papers and she told me i had to pay a licensing fee of $199.00. She talked me into it saying that Primerica pays most of the fee the whole price being $530.00. Well, then I realized i could not aford the 199.00 at the time and i heard a lot of bad things about this company so I asked for my money back and they said I had to fax my request to attention refunds and i do not have a fax machine. Why can't they just refund me my 199.00 back into my checking account? I never got started with this company and I should not have to pay 199.00 out of my pocket for nothing. What this company is doing is wrong and i want my money back so I have money to live. No one join this company they only want your money and references. Christina Centerville, GeorgiaU.S.A.
Entity: Warner Robins, Georgia
16, Report #7713
Nov 13 2001
12:00 AM
Primerica Fredericksburg, Virginia Ripoff thieves*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
I interviewed with primerica in Fredericksburg, VA. gave them my money, after seeing a web site about them I decided not to participate in their company. Told them not to cash my check, today my checking account is overdrawn and the person that I talked with said he remembers the conversation when I told him not to cash my check but he still cashed it anyway. Now he says that I have to fill out paperwork and wait four weeks to get my money. In four weeks my account will be overdrawn in the amount of $158.00 not to mention the $60.00 it is overdrawn now. I would just like people to know what kind of people work for this company. In my opinion they are nothing more than thieves! Denise Washington tg- Tuesday, November 13, 2001 4:26 AM
Entity: Fredericksburg, Virginia
17, Report #12733
Jan 29 2002
12:00 AM
First Meetings with Primerica Corp. Redefine Red Flags Toledo, Ohio*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
First of all let me say that because of the posts on the Rip Off Report coupled with the huge body of claims and allegations made by so many people on the internet I called my bank and stopped payment on my $200 check to them to start the employment process. Although I have not totally dismissed Primerica as a possible source of income, I am about 99% suspicious of them; OK, 99 1/2%! At this point I am willing to meet one more time, but have assembled some hardcore questions for which I need satisfactory answers before I'd become involved. They explained their compensation program and its different tiers and led me to believe that I'd be making about $1000 a month in a part time status. I could double my percentage (25% raised to 50%, and then even higher) by recruiting only 3 people and meeting a minimum sales quotient, both from my own work and then also from the work of my recruits. The pay, however, is not where my red flags come from. I did my orientation in their office, a crappy run down office on the second floor in a two story office building. There were barely any desks, wooden boards on half size filing cabinets, lots of chairs for meetings, several VCR's and phone wires strung across the floor. An ancient Pentium 1 computer (possibly a 486) was the only computer in the office for inputting the FNA's. The place looked like they had just moved in, or were moving out. Supposedly there was a new suite of offices down the hall that were being renovated for them, but it seemed strange to me that a company owned by the largest financial conglomerate in the world didn't have desks, or computers, or couches, or artificial plants, or typewriters, or a telephone system, etc. etc. One of the new recruits was even offering them an older computer he owned but no longer used for the company's use in the office, and they were accepting! Everyone wore casual clothes, no suits. Personally, if I were recruiting a room full of people to work for me I'd wear a suit to impress them-to motivate them. At least a shirt and tie. The woman who recruited me, let's call her Miss J., said she found my resume online at Monster.com, where I had posted one (if someone wants me who am I to deprive them?). She told me she had just started with the company and was still learning the ins and outs. The pieces started falling in for me after my first orientation meeting. Here I was, my third meeting, my first serious meeting, and there's 30 of us in a room. They split the group- about half including Miss J. go to another room for their second orientation meeting and the rest of us are there for our first. Before we split, the leader, Mr. D., shares with us that he's new to the area, compliments people on their accomplishments and talks about Miss J. making her first big sale, receiving a check for $1,200.00. Red Flags galore! At our first meeting together Miss J. had told me about her success converting her sister over to Primerica at one of her very first appointments- rewriting a loan for her saving her $50k over the term of her mortgage. So now this made me really think...she's told me she's been with the company for three weeks, she hasn't yet completed her certification, already knows how to prospect for recruits on the internet, has made 2 big sales, and is going only for her SECOND ORIENTATION MEETING in the next room? Add to this the shabby office, complete lack of technology, casual attire...how many red flags can go up at one time? Then the kicker...there is no Miss J. (name withheld, I'm not sure exactly why, but does it matter?) in the local phone book nor is there a Mr. D. (the franchise owner). Were most of the 30 plants at that meeting? Were only a handful of us actually there to sign-up? A quick call to my bank stopped payment on my check. I'm 47 years old, have never worked for anyone except for myself, am very comfortable with sales and speaking with people and saw brokering Primerica's services as an opportunity to pick up some extra income to pay for my kids' upcoming college tuitions. Who can argue with their logic? Get 100 people to give you $200 each. Take their $20,000 and set up a really nice office where you can recruit another 500-1000 people. Sell some mortgages, and some term insurance; rewrite some loans. Move Miss J., the eternal newbie, to the next office in the next town, where her upline can continue to grow and her downline make money for her at the actual average $5000 salary paid to a CFP per year (or ACFP if they never get certified) where she can continue to prospect on the internet, and other places to find new recruits. Let her new upline write some more business...or not. What does she care at that point? Personally I have no problem with Amway, or Primerica, or multi level marketing, or pyramid schemes and I certainly don't have a problem with selling, busting my butt and working 7 days a week...I do it now. If the work is legitimate and I can earn money from it I'm instantly mildly interested. The problem for me is that these Primerica people have too many things they're out there covering their butts for while I'm out there busting mine... Hope that helps someone.... Click here to read other Rip-off Reports on Primerica
Entity: Toledo, Ohio
18, Report #12899
Jan 30 2002
12:00 AM
Primerica is a ripoff scam Federal Way Washington State*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
I received a call from Primerica not too long ago. In my case (as noted in other reports) I had posted my resume on Monster.com and received an e-mail a few days later (amidst other legitimate responses) from a Bob (not his real name) at Primerica (one of the biggest financial services companies in the world)in Federal Way, WA. Bob wanted me to call and chat about the opportunities Primerica had for me. Now, my resume clearly indicated that I was looking for IT work: network administration, etc. Bob's e-mail was very upbeat and I was pretty excited when I called him. Bob was nice on the phone. He talked up Primerica as a major player in the financial world, etc. Sounded good to me. But when I pressed him for details about the position he grew very vague. I pointed out that I was looking for a job as a network administrator and Bob reassured me that he felt I could find a suitable position at Primerica. When I pressed him for what specifically he meant, he said well, that depends on you. Let's get together and talk about how you might fit in at Primerica. He also mentioned something about management. This was when the first red flag went up: I had no managment experience, was just getting started in IT, and could not imagine why a company would think, based on my resume, that I had the experience necessary for a management job. Not to mention I had no interest in managing anyway: I wanted to keep working with networks. I setup a meeting time with Bob. Then I called my brother and was telling him about this rather strange response to my resume. Keep in mind that I was really eager to get a new job (the company where I worked was moving out of state). My brother said No way. I got a call from Primerica a few months ago and they gave me the same pitch: 'we think you're cut out for a management opportunity with our company'. Considering that they don't know me, I told them I wasn't interested. Sounds like a scam. The more I thought about it, the more I knew, almost instantly at that point, that he was right. Now, unlike some posters, I consider any multi-level marketing/pyramid scheme, from Mary Kay to Amway to Primerica, to be an affront to the intelligence of humans everywhere. I don't care if a few greedy sleazebags do get rich, they're preying on the ignorant masses. Bottom line is: any company, Primerica included, that trolls for recruits who are looking for legitimate work and misrepresents the fact that they DO NOT have a job in line with what the job-seeker is after is morally repugnant. It would be different if they said: Hey, my name is Bob and I saw your resume out on Monster.com. I work for Primerica. While I don't have a job related to computers, I would like to discuss an opportunity for you to make money as a financial consultant (sic) working for Primerica. At least then I could tell him to shove it without having to intuit that he was a fake. I seriously considered calling Bob and cancelling my appointment. But I figured that the hour he had booked to give me the pitch was one less hour he could be swindling some other poor sap. Besides, I rather liked the idea of Bob waiting hopefully for me to arrive and then realizing that I must have done some checking and realized that Primerica is just another multi-level cancer on the American business scene.
Entity: Federal Way, Washington
19, Report #12908
Jul 19 2012
04:37 PM
Primerica: Caveat Emptor*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
I attended a meeting after being invited personally by the Regional VP of the Columbus, Ohio office Michael Weihrauch via an email. I found it somewhat odd that the email came from a Yahoo account as opposed to a company's network, but let it go.Ther email, of course, mentioned the Citigroup name prominently. Of course, I know this company; I remember the The City never sleeps, Citibank commercians that ran on commercials when I was a child in New York City. And I have a Citibank Visa card in my wallet as well.I had to reschedule my interview, and found it odd again that the interview was scheduled for 7:30 the evening, but I could see a busy person staying late for calls to the West Coast during their business hours.It never occured to me to ask Michael in our email conversations about how he knew I was looking for a job. I applied to over 200 jobs in the past month, and while I keep meticulous track of where I send my resumes, a lot of employers place jobs anonymously, and a decent number of the positions I sent resumes off to included fax numbers, boxes at the local newspaper who ran the ad, or email addresses with little information. So I just assumed that Primerica was one of those jobs. Hell, I even expected it to be a clerical position since most of the jobs I applied to were in that field. The fact that it was a financial organization didn't faze me; I applied to jobs at Discover, several local banks and some collections companies.I went to the office with my first-year law scho9ol student fiancee in tow since we were going to hit the gym after the interview. Contrary to some reports here, the office was nice enough, though it's position in a dying mall probably meant it was cheaper than it looked.Immediately, I knew it was not an interview, it was a meeting. I am quite familiar with how these things operate, and the etting reeked of a scam. Group meetings are generally a good clue. The small talk that was made by Michael and his associates before the meeting started was also a giveaway: Scammers sure do love to make a lot of small talk! Real interviewers might allow some pleasant banter, but not at the expense of something *real*.In any event, the display was about 20 minutes of banter from three folks who passed the baton to each other. The person who was first, at the conclusion of her part of the presentation, actually had us applaud the second person. Sorry, I thought this was supposed to be professional!What was presented was not an overview of the company. In the manner that someone with knowledge of these kinds of shucksters would spot immediately, they threw a lot of anecdotal remarks and what was supposed to be amusing banter with supposed facts about how people are. They were quick to bring out figures from USA Today articles and the like, and commented about how people are stupid about finances and how they needed help to learn.They spent a ton of time dissing Walmart greeters who couldn't retire (as if every person wants to sit around and wait to die when they turn 63), and pointing out how such a large percentage of people who were able to retire were entrepeneurs (Quite a nebulous term, as a freelance writer who files a Schedule C, I am an entrepeneaur too, yet I ain't geting rich as a music critic!)However, the specifics were lacking. And they even messed up one of their supposedly true examples of helping people: The one where they showed a family of three's life insurance situation before and after. Even a novice could tell that it was a bit odd that the husband and wife had very low figures for their own life insurance coverage while there was a ton more coverage for the kid. This is quite illogical.It also turns out that it is illegal. A woman sitting behind me pointed out that laws stated that the parents had to have five times more life insurance than minor children. It makes sense if you think about it. When the presenter questioned her about her knowledge, she said she is a licensed insurance salesperson. The obviously flustered presenter stammered, but never explained why an illegal example was used in the presentation. (It's possible that this is a state law - that would have been a nice out for the Primerica people to use - but he didn't, and it's possible that the law is fairly uniform across most all states.)When the VP who invited me went on (last), he was also full of the usual tripe - about how companies pay the position and not the person, about how working for a living is horrible, that your employer will never respect you, and about how he was so f***ed over in his last job. He also complained about how, even though he made decent money, that he was getting into debt. Of course, Primerica solved all of his worries!When he got to the slides that talked about the income that their associates makes, any shred of doubt as to the scamminess of the proceedings went away. Legitimate companies don't throw out numbers in this manner, even realistic ones. Even sales and marketing positions with mostly commission-based compensation, the companies don't do this.Of course, he mentioned the fee - a shade under $200. He said something about how it pays for training and then left, asking us to stick around to talk to the person who invited us. He made us fill out cards, not with our work history (nobody ever asked me for a copy of my resume, which I brought with me), but just contact information, asking us if we wanted a free FNA, and trying to refer people.I filled out the card with the minimal information and got up and left. My fiancee, who was in the lobby but who heard everything of the presentation, looked up at me, rolled her eyes and said, What took you so long?I didn't stick around to hear exactly what their scam was. I certainly believe it's a MLM scheme based upon what others said here and the fact this seems to be the scam du jure.Before some Primerica drone says, You didn't stick around to hear the wonderful opportunity, I saw all I needed to know because:1) Legitimate companies do not invite people to recruiting meetings without bfirt having a discussio about the company and the prospective employees.2) Legitimate companies do no waste time talking about how your current/past jobs suck. Except for your past work experiences and how they can be put to use for their company, that is the extent. I can see a recruiter taking a shot at a competitor, but since nobody there were asked who they used to work for, and I know that I never worked for a competitor of theirs, that exception didn't wash.3) Legitimate companies do not charge you to work for them. Really, it's as simple as that. Even if you are to be an independent contracted employee, the only way a company allows this is if you already have the skills required to represent their company, or they are willing to train you to attain missing skills. Mandatory training is paid by the company, because legitimate companies realize that someone representing them should meet standards and that the cost of doing business involves making sure those who work for them are qualified to do so.4) Legitimate companies, related to the above mentioned, will noo take someone from scratch, or with zero experience or training, to work for them. Even at McDonalds (a place scammers love to dis), they will look at your application and see what you have done. The 16-year old kid looking for his first job will be asked about how they do at school, extracurricular activities, and references. First jobs after college look at the crappy jobs from the person's past and their academic qualifications for the position. Scammers don't care about your abilities, because they don't care. They want your money and your trust.5) Legitimate companies do not scream about how much money you can make. Really, they don't. In fact, legitimate companies are much faster to talk about benefits and perks of the position, since just about every industry has built-in pay standards that are only deviated from slightly between them, and it is the benefits and perks that differentiate the companies.6) Legitimate companies do not make recruiting employees a part of your job (excepting fields such as Human Resources where that's the whole point). Certainly, legitimate companies do not make the bulk of your income (or all of it) based upon bringing bodies into your fold.No, some of you might decide that what Primerica and their ilk offer is not a job (even though they sure make it sound like that when they first get in touch), it's offering you the ability to be an entrepeneur, but let's suppose that you're a venture capital person - by definition an entrepeneur.Who do you invest in - the company whose owners are all well-versed in the field upon which they wish to enter, or the guys with no experience and little knowledge about exactly how to do what they want?Only an idiot would say the latter. Yet, why is it that these companies have no problem taking money from people who have no qualifications, and in fact rarely even ask what qualifications they in fact do have?Primerica is a scam. Pure and simple. Legitimate companies do not do what they did, because they don't have to. And notice that none of this even takes into account the other things Primerica has been accused of in these pages - the misleading contracts, the actual MLM aspects of the organization, the many other lies that they can tell if you're still listening after they insult your intelligence.Don't let them get tht far. I'll never get back the half hour or so that I wasted with them. Lord knows, Primerica sure as hell isn't going to pay me for it. In fact, I'd wager that Primerica doesn't pay for much of anything, unless you believe in the concept of karma, that is.Click here to read other Rip-off Reports on Primerica
Entity: Columbus, Select State/Province
20, Report #12596
Jan 28 2002
12:00 AM
Primerica - info from an overview *EDitor's Comment*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
Primerica has contacted me easily over a dozen times by (this report is being checked for its content. If it is not a Rip-off Report, it will not be posted) Well, we checked this so-called Rip-off Report out. This Primerica individual was trying to get himself business by posing as an undecided prospect soliciting business. Reports like these will be deleted.
Entity: Michigan
21, Report #12956
Jan 31 2002
12:00 AM
Don't let Primerica waste or use you!!!!*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
I'd like to thank everyone on this board for their warnings about Primerica. I was contacted by them a week ago over the phone. They told me they found my resume on HotJobs, and wanted me to come in and interview at a specified time. However, I prodded them for more information (what the job actually was, description, if I needed to bring info, etc.) and they failed to answer me. After 2 people told me to beware (for differing reasons, and backed up by facts and experience) I found your site on the web and similar info at vault.com, etc. I'd also suggest looking for bogus companies on google.com and altavista.digital.com. All the warning signs were there for me, and when I went to the interview I pulled up into a shoddy, decrepid little stip mall where Primerica was LAST on mall billboard. Their site looked about 10 years oudated and run down. And after arriving 10 minutes before my interview, AND ALL THE LIGHTS WERE OFF, I said screw it. Needlees to say, I turned right around. After I got home I called my contact to tell her she could forget it, and the unintelligable voice on the other end wanted to know her extension (which she did not give me), and I was promptly disconnected by the computer system or the person. This board helped to save my afternoon, and as the gentleman earlier put, my 30-60 min. of my life that I have back. Thanks, and don't settle for unprofessional corparate jackels who only care about their soulless $$$#'s when there are plenty of reputiable companies truly helping people out there.
Entity: St. Louis, Missouri
22, Report #12986
Jan 31 2002
12:00 AM
Primerica ripoff using headhunter to recruit unsuspecting victims Columbus Ohio. Thank you Rip-off Report*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
I received a call from Primerica this morning. They told me a little bit about them and they asked me if I was laid off and I told them yes, I have been laid off since the September 11th attacks. The lady got excited when I told her I was laid off and looking for work. She then asked me if I would come in for a one hour meeting to see what they were all about and she told me they were part of Citigroup Corp. After I spoke to her I thought something did not seem right about someone calling me for a job where I did not need any experience. The lady did tell me some sales were involved but not much. As soon as I got off the phone I got on the internet and using www.mamma.com I typed in Primerica and it came up with your site. I would like to thank you for your site and the information I found because it saved me a wasted trip to the meeting I was going to attend. Primerica got my phone number and other information to call me from Headhunter.net. I signed up with them last week to find work in my area. So it looks like Primerica is getting information off of headhunter sites so they can try to recruit people. Thank you, Tim Columbus, OH
Entity: Columbus, hio
23, Report #11765
Jan 17 2002
12:00 AM
Primerica...Well, I've been duped again by another MLM. Joliet Illinois ..Sounds like brainwashing.*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
The old atage Fool me once shame on you, fool me twice shame on me definitely takes the cake here. The first MLM company I was scammed at was Emodel which is a completely different talk show (please feel free to read the posts on this website, great job by the way). Now I've been duped by Primerica. For some reason unemployed people (aren't not the victims by no means) such as myself keeps falling victim of these scams. Why you ask? Because internet services like HotJobs and Monster are giving these companies access to our resumes'. These MLM's are swooning in on us like the vultures they are preying on the innocent. How can they pretend to be legitimate employers? Yes, I'm an adult and have no one to blame execpt myself. But enough is enough. Companies need to state their true agenda, names, and purposes and not lead people to false pretenses. I eyewitnessed something yesterday so horrible, at least to me it was. I've now decided that Primerica is not the company I thought it was nor for me. Last night, they tried to force a fellow agent to sign his policy without reading it. When he stated he wanted to take it home and read it they told him no he couldn't. Then he asked to read it there, but they said there wasn't enough time. We had just gotten out of a training class which was basically more recruiting. They argued with him for a half hour to get him to sign and when he refused, they got the Regional manager and then they all got angry at him. They then demanded that he return today to the office to sign it. I hope he didn't. Someone should never be pressured to do anything, especially when it comes to signing documents. Being forced to sign a policy without reading it and their lame excuses to why he didn't need to read it was enough to make me sick. If I were him I would have shredding the policy. In fact that's what I plan to do with mine when they present it to me. You've already signed the application so this is the same thing, duh if you want me to sign it apparently I need to look it over to make sure there isn't any information I overlooked or need to confirm on the application. In response to at least we at Primerica have better things to do like helping people climb out of debt, and become financially independent. I have yet to see in the months that I've been going on appointments with clients getting them the help they need. The people who needed the help couldn't get it and the ones who didn't need the help but could afford the products and services had enough sense to not go though it. Has anywhere you ever worked help make a difference, an impact on peoples lives? In all actuality, I could honestly say no, every business seems to have an alterior motive from my experiences but I won't etch it in stone. But PFS claims to want to help people and that's not the case. This world is in a hurt of trouble as far as people being in debt and not financially secure.....perhaps you could look at the big picture, instead of worrying about people saying Amen. .... People aren't worried that they say amen they're just saying a lot of MLM's are set-up like a cult. Cults usually involve brainwashing people and leading them to believe that they are all for the good of the people and everyone else is out to get the consumer. Sounds like brainwashing. By the way WE ARE the largest financial services company in the WORLD, we have over a trillion in assets, does that sound like a cult to you??? Lots of multi-million dollar companies have shiesty workers and practices but are able to cover them up in what anit-PFSer's Ken Young likes to call newbie dorks. Check out his website if you have any doubts. I would hate for you to be uninformed like myself. Read them throughly now.
Entity: Joliet, Illinois
24, Report #11766
Jan 17 2002
12:00 AM
Primerica AKA Crimerica Saga Continues...Citibank at the helm. Citigroup*UPDATE: Primerica gets a POSITIVE rating from Rip-off Report in customer support & satisfaction. Primerica pledges to resolve complaints from the past, present and in the future, and give 100% commitment to customer service-say Company Executives!
Read for yourself... Cleaning Up St. Petersburg Times; St. Petersburg, Fla.; Jan 7, 2001; JEFF HARRINGTON; Abstract: Today's money launderers trade cash for chips at casinos, wait a few minutes and then cash out. They wire funds through a U.S. financial institution from a foreign country and then withdraw the cash in a third country using ATMs. They move money around through check-cashing outlets and other so-called money remitters that are less tightly regulated than banks. They pump money through brokerage firms, insurance companies and unsuspecting legitimate businesses. They pay millions to export outdated computer chips or equipment as a way to get U.S. dollars into the system. Rogue U.S. financier Martin Frankel allegedly used a sophisticated money-laundering scheme to bilk insurance companies of $200-million. The founder of the International Boxing Federation was convicted on money-laundering charges in August, the same month onetime football star Art Schlichter was indicted on similar charges. Democrats have even accused Rep. Tom DeLay, the House majority whip, of money laundering in raising funds for Republican candidates and causes. Many U.S. banks have been fined from $20,000 to several million dollars but none has been indicted in the past 12 years on money- laundering charges; over the same period, the United States has sanctioned almost two dozen foreign banks from Yugoslavia, Israel Pakistan, Mexico and other countries. Full Text: Copyright Times Publishing Co. Jan 7, 2001 A proliferation of money-laundering methods is making it more difficult for U.S. regulators to clamp down on crooks in the trillion- dollar-a-year business. But the government is cutting into criminals' bottom line. Adedeji Okubanjo, a 24-year-old Nigerian citizen, was already under scrutiny by Secret Service agents here when a local SouthTrust Bank branch questioned his plans to wire $175,000 to New York. The bank reported its suspicions to regulators and blocked the wire transfer. Instead of catching a plane to New York to collect more than a half-million dollars in cash from a counterfeit check scheme, Okubanjo wound up in prison on a two-year sentence for bank fraud. Chalk up one successful battle against money laundering. The problem for regulators: Sentencing Okubanjo in 1998 was like picking off a single enemy soldier as thousands more continue to pour over the hill. I don't think we can win the war, said David Vogt, a Treasury Department official who helps spearhead anti-money laundering efforts. In all honesty, the best we can do is make the cost of (laundering money) higher . . . to cause them some pain. Despite new federal regulations, deepening international cooperation and unprecedented voluntary cooperation by banks to spot and report suspicious behavior, money laundering is flourishing. The International Monetary Fund estimates that laundering accounts for 3 percent to 5 percent of the world's annual gross domestic product, or about $1.5-trillion. The Financial Crimes Network has hired a contractor to develop a model for measuring the magnitude of laundering. But to some experts, putting a price tag on the problem is a futile exercise. You sit in these rooms and government people will just laugh at some of the numbers tossed around, said John Byrne, senior counsel and compliance manager for the American Bankers Association. I don't know how you can estimate it. The practice of filtering ill-gotten money through the financial system to make it clean, or legitimate, owes its moniker to the days of Al Capone. The Chicago mobster reputedly used coin-operated laundries to hide his gambling revenue. Crooks have come a long way from the self-service laundries of the Windy City. Today's money launderers trade cash for chips at casinos, wait a few minutes and then cash out. They wire funds through a U.S. financial institution from a foreign country and then withdraw the cash in a third country using ATMs. They move money around through check-cashing outlets and other so-called money remitters that are less tightly regulated than banks. They pump money through brokerage firms, insurance companies and unsuspecting legitimate businesses. They pay millions to export outdated computer chips or equipment as a way to get U.S. dollars into the system. The Internet has helped, too. Electronic cash and online clubs that let people use debit credit cards for transactions have great potential for misuse. So do stored- value or smart cards that can be used to tap into bank accounts and other sources to download funds. Internet gaming has burgeoned into a $10-billion industry, with many of its more than 600 sites linked to countries known to be lax on money laundering, such as Antigua. Of course, there are always wire transfers, off-shore accounts, shell companies and the old-fashioned smuggling of dollars out of the country. You're only limited by your imagination, said Ken Rijok, a former Miami lawyer who knows the money-laundering process from the inside. In the 1980s, Rijok briefly specialized in helping set up ways to launder money. After a prison sentence and disbarment, he joined the lecture circuit, offering tips on how to stop his former livelihood. Frankly, I think it's infinitely worse than it was before, Rijok said. It looks like we have twice the amount of tax havens than we had before, not just in the Caribbean. And now we have to deal with Russian organized crime. Indeed, the growing presence of Russian crime bosses was one of the trends highlighted by the Bank Secrecy Act Advisory Group this fall in the industry/government group's first-ever comprehensive report looking at the effectiveness of money-laundering laws. One of the report's co-authors was Vogt, the Treasury Department official who acts as assistant director of the Financial Crimes Enforcement Network, better known as FinCEN. Among Vogt's biggest concerns is that entrenched criminal organizations have begun cooperating in complicated wire transfers, making it tougher to follow dirty money. Russian organized crime will have one piece of the laundered funds, the classic Italian Mafia has another, Asian Mafia will have a third, and a drug cartel yet another. We're not talking about Aunt Emma in her garage, Vogt said. We're talking about large-scale criminal activity, the globalization of organized crime and what it means to us. Bankers and regulators have heard the wake-up call. The Treasury Department went on the offensive last year with a warning list of 15 foreign countries that have serious deficiencies in money laundering controls, including the Bahamas, Cayman Islands, Panama, Israel, Russia and the Philippines. The Feds identified New York, Los Angeles, the Texas border and San Juan as high financial crime areas that are prone to money laundering. (South Florida recently submitted an application to join the list and is expected to be added this year along with Chicago and the San Francisco Bay area.) Two years ago, FinCEN briefly floated the idea of making banks compile detailed financial portraits of their customers in search of suspicious behavior. But supportive bankers and legislators quickly abandoned the so-called Know Your Customer proposal after a public outcry that it would make banks spy on their customers for the government. Nevertheless, a growing number of big banks now are embracing Know Your Customer principles internally, whether or not they become formal regulations. The regulatory enthusiasm has rolled into 2001. Republicans on the House Banking Committee have pledged to make anti-money laundering one of their top agenda items with the new Congress. Gradually, over the next several years, FinCEN wants to make check- cashing companies, brokers and insurance companies follow similar requirements as banks in filing reports of suspicious activity. Aggressiveness of crooks and prosecutors and the wide definition of money laundering has resulted in some big headlines over the past couple of years. Rogue U.S. financier Martin Frankel allegedly used a sophisticated money-laundering scheme to bilk insurance companies of $200-million. The founder of the International Boxing Federation was convicted on money-laundering charges in August, the same month onetime football star Art Schlichter was indicted on similar charges. Democrats have even accused Rep. Tom DeLay, the House majority whip, of money laundering in raising funds for Republican candidates and causes. Closer to the Tampa Bay area, the eclectic roster of people accused of money laundering ranges from the former longtime mayor of Belleair Beach to the former executive director of the Tampa Housing Authority to leaders of the Tampa-based church Greater Ministries International. The tales that have garnered the most attention, though, center on major banks burned by laundering scandals. The Bank of New York had to explain how a corrupt employee helped funnel more than $7-billion of supposed Russian Mafia money through the bank in more than 160,000 electronic transactions over four years. And Citigroup chief executive John Reed had to explain to Congress why his company's private banking roster is filled with such dubious international clients as Asif Ali Zardari, husband of a former prime minister of Pakistan who is in jail for corruption; Omar Bongo, president of the African nation of Gabon and the subject of a French corruption inquiry; the sons of a former military leader of Nigeria, Gen. Sani Abacha, one of whom has been charged with murder; and Jaime Lusinchi, a former president of Venezuela. One such Citibank customer, Raul Salinas, the brother of former Mexican President Carlos Salinas de Gortari, allegedly moved up to $100-million around in secret accounts in the mid-1990s. Defenders of the banks say the high-profile cases were anomalies traced to rogue employees who didn't follow the rules. It's much more difficult now to launder money tried-and-true through an American bank unless you have someone in the inside, insists Byrne of the American Bankers Association. As Byrne points out, banks are more likely than ever to file a report with regulators whenever they suspect criminal activity. They also have more safeguards at their disposal. John Daly, owner of Americas Software in Miami, has signed deals with more than 50 financial institutions to buy his anti-money laundering software during the past four years. The latest version of his software can be customized to flag suspicious patterns in how transactions move in and out of an institution. The intensified scrutiny has had an impact, said Michael Matossian, director of regulatory risk management at First Union Corp. There have been some visible failures, but banks . . . day in and day out, are remarkably adept at identifying potential instances of criminal activity, he said. Charles Intriago, publisher of Money Laundering Alert, a Miami- based newsletter, isn't about to let banks off the hook that easy. Intriago, a former federal prosecutor, contends there are egregious holes in the American line of defense against launderers, from the banks on down. He accuses government regulators of picking on easy targets, such as small check-cashing companies in Miami and out-of-country banks, while giving large U.S. financial institutions a free ride. Many U.S. banks have been fined from $20,000 to several million dollars but none has been indicted in the past 12 years on money- laundering charges; over the same period, the United States has sanctioned almost two dozen foreign banks from Yugoslavia, Israel Pakistan, Mexico and other countries. There seems to be a double standard in this country, Intriago said. The ugly American beats up on everyone and is not swallowing its own medicine. Intriago also challenges the Treasury Department to back up tough talk of enforcement. Regulators in 1996 said that by year-end, check-cashing companies would have to abide by the same filing requirements as banks when they suspect suspicious activity. The latest timetable for check-cashing companies to comply is January 2002, according to Vogt. It's unclear when and how other financial institutions, such as brokerage firms, will follow suit. Vogt acknowledges there are gaps in enforcement. But he is encouraged that the anti-money laundering campaign is hurting felonious financiers where they notice it most: the bottom line. Ten years ago, he said, criminals had to spend about 10 percent of their ill-gotten money just to launder the funds. Today, as launderers have been forced to become more sophisticated, the cost is closer to 20 percent of the total. You're taking a bite out of the proceeds. You're making it more difficult, Vogt said. But to eliminate money laundering, you'd have to eliminate crime, which isn't likely. - Information from Times files was used in this report. Text for charts not provided for electronic library. Please see microfilm. & For Release: March 6, 2001 FTC Charges One of Nation's Largest Subprime Lenders with Abusive Lending Practices Associates First Capital Corporation And Its Successors Citigroup Inc. And CitiFinancial Credit Company Named in Complaint The Federal Trade Commission today filed a complaint in federal court charging Associates First Capital Corporation and Associates Corporation of North America (collectively, The Associates) with systematic and widespread abusive lending practices, commonly known as predatory lending. The FTC alleges that The Associates violated the Federal Trade Commission Act through deceptive marketing practices that induced consumers to refinance existing debts into home loans with high interest rates, costs, and fees, and to purchase high-cost credit insurance. The FTC also charged The Associates with violating several other federal laws, including the Truth in Lending Act, Fair Credit Reporting Act, and Equal Credit Opportunity Act, and with using unfair tactics in collecting consumers' payments on its loans. In addition to seeking other relief, the FTC has asked the court to award redress to all borrowers who were injured as a result of the defendants' practices. The Associates engaged in widespread deceptive practices, said Jodie Bernstein, Director of the FTC's Bureau of Consumer Protection. They hid essential information from consumers, misrepresented loan terms, flipped loans, and packed optional fees to raise the costs of the loans. What had made the alleged practices more egregious is that they primarily victimized consumers who were the most vulnerable - hard working homeowners who had to borrow to meet emergency needs and often had no other access to capital. Associates First Capital is a Delaware corporation that was headquartered in Irving, Texas, and was the parent company of Associates Corporation of North America. In September 2000, Citigroup Inc., based in New York City, announced it would acquire The Associates for $31 billion and merge The Associates' operations into its own. At the time the merger was completed on November 30, 2000, The Associates was one of the nation's largest subprime lenders. In 1999, according to public corporate records, the total dollar amount of all outstanding loans in The Associates' U.S. consumer finance portfolio was $29.7 billion. In that year, The Associates serviced 480,000 home equity loans; in 1997 (the last year for which figures were available) the company also had nearly 3 million personal loans. In addition to The Associates, the complaint also names as defendants Citigroup Inc. and CitiFinancial Credit Company, Citigroup's consumer finance arm, as successors to The Associates. Subprime lending refers to the extension of loans to persons who are considered to be higher risk borrowers. The Associates, like other subprime lenders, charged its customers prices that were substantially higher than those available to borrowers in the prime market. This was reflected primarily in the higher interest rates and points charged to such customers. For example, The Associates charged as many as eight points on mortgage loans. (Each point equals 1 percent of the amount financed.) THE ALLEGED LAW VIOLATIONS Deceptive Savings Claims According to the FTC's complaint, The Associates obtained its customers through a variety of means, including through direct mail offers that in some cases included live checks, and the purchase of retail installment contracts from sellers of consumer goods. Once in The Associates' loan portfolio, customers were aggressively solicited to take out new loans and refinance their existing debts into a single debt consolidation loan, typically a home equity loan, a practice known as flipping. The complaint alleges that The Associates' promotional materials and sales pitches stressed - in many cases, falsely - that debt consolidation loans would lower customers' monthly payments and save them money. The Associates trained its employees to tell consumers that there would be no out-of-pocket fees or no up front out-of-pocket costs with its loans, the complaint charges, when in fact its mortgage loans came with high points and closing costs. Specifically, the complaint alleges that The Associates violated the Federal Trade Commission Act by falsely representing that: Consumers would save money when consolidating existing debts into a home equity loan with The Associates, and the examples shown in The Associates' solicitations accurately illustrated the potential savings. In fact, according to the complaint, these comparisons did not take into account the loan fees and closing costs The Associates typically added to the consumer's loan principal. Further, the companies' comparisons did not reveal that for certain Associates loans, consumers would still owe the entire principal amount in a balloon payment at the end of the loan term. Consumers could pay off their current debts (e.g., credit card and other debts) with a home equity loan for the same amount. In fact, The Associates' loans also came with substantial fees and costs and, in some cases, credit insurance premiums. Credit Insurance Packing The FTC complaint also charges that The Associates engaged in practices designed to induce borrowers to purchase, unknowingly, optional credit insurance products, a practice known as packing. The Associates' employees, according to the complaint, would quote prospective borrowers a monthly payment amount that would include a package of optional credit insurance products. These insurance products were intended to cover the borrower's loan payments in various circumstances, such as death, accident, illness or loss of employment, and the premiums were added to the principal amount of the loan (single-premium credit insurance). The employees referred to these products as total payment protection, if they mentioned them at all, and were trained (until at least mid-1998) to quote the monthly payment with the cost of the insurance automatically included. At the loan closings, according to the complaint, The Associates' employees rushed consumers through the process. If the consumer noticed that the credit insurance products were being added to the loan, The Associates' employees used various tactics to discourage them from removing the insurance, the complaint alleges. Specifically, the complaint charges that The Associates engaged in the following deceptive practices in violation of the FTC Act with respect to credit insurance: Misrepresenting that consumers could obtain total payment protection, or insurance, on their loan without any additional cost. In fact, the insurance added hundreds or thousands of dollars to consumers' loan costs; Misrepresenting that credit insurance would provide full coverage on consumers' loans. In fact, in many instances, the insurance was issued for a term shorter than the loan term and would not provide full coverage on the loan; Failing to disclose (or disclose adequately), when quoting monthly payment amounts, other material terms of the offer, such as (a) that the monthly payment amount included credit insurance which was an additional cost added to the loan; (b) that the entire premium for the credit insurance was financed up front and the consumer paid additional points and interest on the loan as a result; (c) that the purchase of credit insurance was optional and not required to obtain the loan; and (d) the extent to which the insurance would not cover the full loan term or loan balance; and Misrepresenting that consumers could cancel credit insurance within a stated number of days (e.g., 30 days) of the loan closing without cost. In fact, according to the complaint, when consumers canceled credit insurance within the stated number of days, The Associates credited their accounts only for the insurance premium amount and failed to refund any portion of the financed points on the premium or the excess interest attributable to the insurance. Unfair Debt Collection Practices The FTC also charges that The Associates employed abusive and unfair tactics in collecting on their loans, including: disclosing consumers' debts to third parties without the consumer's consent; calling consumers at their place of employment after being advised by the consumer that such calls were inconvenient or not permitted; and making repeated and continuous telephone calls to consumers with intent to annoy, abuse, or harass. Credit Statute Violations In addition, the FTC charges the defendants with violating the Truth in Lending Act (TILA). The Associates provided certain borrowers with Homeowner's Express Loans, which were offered pending the closing of a home equity loan. According to the complaint, the Homeowner's Express Loan and the subsequent home equity loan were, in reality, one transaction that The Associates split into two so as to provide consumers with immediate cash. (Immediate cash is not possible on home equity loans in most circumstances, in part because TILA provides consumers with a three-day right of rescission). The complaint alleges that The Associates violated TILA by failing to give Homeowner's Express Loan borrowers proper disclosures and disbursing loan funds to those consumers before the expiration of the rescission period. The complaint also alleges that the defendants violated TILA by failing in their advertisements to disclose clearly and conspicuously loan fees, balloon payments, and other information, and by failing to retain certain records of compliance. Further, the complaint charges that The Associates violated the record keeping requirements of the Equal Credit Opportunity Act by failing to retain written records relating to consumers' loan applications, including the application for consumer credit and other written and recorded information used in evaluating the application. Finally, the complaint charges that The Associates violated the Fair Credit Reporting Act by using or obtaining consumers' credit reports for impermissible purposes, i.e., to solicit consumers for new or additional loans beyond the loan for which the report was originally obtained. The FTC has asked the court to prohibit the defendants from violating the FTC Act and other laws in the future in connection with offering and extending credit, and to award redress to all borrowers who were injured as a result of the defendants' practices. The FTC has increased its enforcement activities to halt illegal lending practices engaged in by subprime lenders, and the matter announced today is the FTC's 15th case involving the subprime industry since 1998. Many of these cases have involved deceptive practices by small and large subprime lenders, or violations of the Home Ownership and Equity Protection Act (HOEPA). HOEPA provides special protections for consumers in certain non-purchase, high-cost loans secured by their homes. The Commission has also testified before Congress and federal and state agencies regarding predatory lending problems, and made recommendations regarding legislative and regulatory changes to strengthen consumer protections. In addition, the Commission has implemented an aggressive consumer education program and has published a series of free publications specifically for homeowners and potential home buyers. High-Rate, High-Fee Loans (Section 32 Mortgages) alerts homeowners about their rights under HOEPA. Last January, the Commission published a new consumer alert about home-equity lending, Shopping for a Home Equity Loan? In January 1999, the Commission, along with ten other federal agencies, including the Federal Reserve Board, produced Looking for the BEST Mortgage - Shop, Compare, Negotiate to help consumers shop for home loans. In July 1999, the Commission partnered with AARP to produce Need a Loan? Think Twice About Using Your Home as Collateral. Other available publications include: Home Equity Loans: The Three-Day Cancellation Rule, Home Equity Scams: Borrowers Beware! and Mortgage Discrimination. The FTC filed its complaint in the U.S. District Court for the Northern District of Georgia, Atlanta Division, on March 6, 2001. The Commission vote authorizing staff to file the complaint was 5-0. NOTE: The Commission files a complaint when it has reason to believe that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendants have actually violated the law. The case will be decided by the court. Copies of the complaint are available from the FTC's web site at http://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint, or to get free information on any of 150 consumer topics, call toll-free, 1-877-FTC-HELP (1-877-382-4357), or use the complaint form. The FTC enters Internet, telemarketing and other fraud-related complaints into Consumer Sentinel, a secure, online database available to hundreds of civil and criminal law enforcement agencies worldwide. MEDIA CONTACT: Howard Shapiro Office of Public Affairs 202-326-2176 STAFF CONTACT: Joel Winston or Peggy Twohig Bureau of Consumer Protection 202-326-3224 (Civil Action No.: 010CV-0606) (FTC File No.: 972 3152) (assoc3601.wpd) Toll-Free Number 1-877-862-0886 Related Documents: FTC v. Citigroup Inc., et al. (Northern District of Georgia, Atlanta Division). Complaint [PDF 47K] Exhibit A [PDF 609K] Exhibit B [PDF 251K] High-Rate, High-fee Loans (Section 32 Mortgages) Home Equity Loans: The Three-Day Cancellation Rule Home Equity Scams: Borrowers Beware Looking for the Best Mortgage? Mortgage Discrimination Need a Loan? Think Twice About Using Your Home as Collateral Shopping for a Home Equity Loan? Previous Statement: Prepared Statement of the Federal Trade Commission before the California State Assembly Committee on Banking and Finance on Predatory Lending Practices in the Home-Equity Lending Market Text of the Statement News Release Click here to read other Rip-off Reports on Primerica
Entity: Nationwide
25, Report #9172
Dec 12 2001
12:00 AM
Primerica--- there's something fishy about it!!!!!*UPDATE: Primerica recognized by Rip-off Report a business opportunity well worth considering - it's not for everyone but many representatives make solid commission incomes. Primerica takes appropriate action against representatives conducting themselves improperly, pledges 100% commitment to customer service.
A couple of weeks ago I was invited to an interview for a finacial company by an old highschool classmate. She asked me if i wanted some extra money in my pocket, and i said sure why not. But, she didn't want to tell me the nature of the business. That's when i started to question myself about this so call finacial job. This old classmate kept bugging me to go with her for the interview with her firm, but i told her i didn't have time. She was really determined for me to go, until one day i said fine! Last sunday nite i went with her to Queens,NY (Woodhaven area), and i sat on a hard crusty chair for an hour listening to all this bull s#@t. They focus on Citigroup and very little on thier company, Primarica. After a while they try to brain wash the 4 peolpe in the crowd that show up, with becoming rich and not having to work at all. The also stressed that Citigroup is worth $1 trillion. If this is true, get better furniture, and a cleaner office. Why are you trying to charge me $199 of a license, i understand that Primerica is paying a large portion of the original fee, but $199 for a $1 trillion company is practically nothing. For sure this money goes to some one on the top of the pyrimid, where the people i the bottom get screwd! One guy even wanted to take down my credit card info. after i told him that i'll think about it. This company contridict itself, they say that they help people become debt free, but they want to add charges to my credit card. If you want to recruit me you have to loan me that $199 at no more than 3% interest like ya'll demonstrated, which i no is BULL SHIT! You all so said that ya'll pay 12%interest on a investment which i found hard to believe. This Company is hiding something. All of your numbers are wrong and outdated, and your stupid jokes has to go, no one laughs at them in your presentation. Everyone Beware of this scaming MLM MONSTER! Porque no soy BOBO!
Entity: Queens, New York

Approximately 707 Reports Found

Showing 1-25 | Showing Page 1 of 29

Legend
NewNew UpdatedUpdated RebutalRebuttal PhotoPhoto
Ripoff Report Recommends
ZipBooks Accounting Software

Advertisers above have met our
strict standards for business conduct.