Complaint Review: New York Life - Internet Internet
- New York Life 51 Madison Ave. New York, NY 10010 Internet United States of America
- Phone: 212-576-7000
- Web: www.NewYorkLife.com
- Category: Financial Services
New York Life BROKER SOLD SINGLE PAYER $150000 DOLLAR ANNUITY to 82 year old woman with mental problems. Internet, Internet
*General Comment: Drug Dealer
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Ok, A long story.
We moved my 82 year old mother in law in with us last october because she was having ongoing mental problems (similar to alzheimers).
Part of her problem is that she is paranoid (people are watching her), and she was at the stage where her family was concerned about her being alone. She also didn't trust the mail so did most if not all of her banking in person.
We managed to get her mail and most of her accounts moved, but occasionally something would be sent to her old address from PNC bank or NYL (new York Life), since we try to give her as much "space" as we can I'm sorry to say I didn't know about it right away.
I eventually found out though!
Some broker from PNC bank in Norristown, Pa sold her a $150000 dollar fully paid annuity!
Now in case you think you read that wrong let me repeat ONE HUNDRED AND FIFTY THOUSAND DOLLARS!
She tells me that everytime she went into the bank he would "have her sit down" and talk to her.
Although it took a while he finally managed to steal the money for New York Life.
When someone meets her they always say how sweet she is but they know right away that something isn't right with her mentally.
Now obviously it has been over a year and they have been "managing her account" (for a fee) and sending her a check each month, so it will be impossible to reverse it.
That money was for her medical care and a nursing home if she should need it. Although We will keep her here as long as we can I am 67 years old and don't know how many years we will be able to.
If ANYONE is thinking of a class action suit against NYL or the brokers at PNC bank, please let me know.
What kind of sick person would take advantage of this sweet lady for a commision check? I guess the brokers at PNC, and the New York Life company.
This report was posted on Ripoff Report on 01/06/2012 03:30 PM and is a permanent record located here: https://www.ripoffreport.com/reports/new-york-life/internet/new-york-life-broker-sold-single-payer-150000-dollar-annuity-to-82-year-old-woman-with-819043. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 General Comment
Drug Dealer
AUTHOR: Ali C - ()
SUBMITTED: Saturday, January 24, 2015
It sounds like you have a personal vendetta with him. If anyone actually reads the court documents they'd see he isn't a "drug dealer" but was an investor who had no clue what was going on with the company. He should have never even been arrested and the courts basically acknowledged that. He should sue the pants off of you for libel.


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