Negligence

An interior view of a building featuring tall, classical columns under a dim light offers a solemn ambiance. The upper walls are decorated with intricate patterns and architectural details that evoke the meticulous care akin to employment litigation and counseling.

Introduction to Negligence

Negligence in the financial industry occurs when a financial professional fails to exercise the level of care that a reasonably prudent expert would in similar circumstances, resulting in significant financial losses for clients. Whether it’s a financial advisor who fails to properly manage investments or a brokerage firm that neglects its fiduciary duties, financial industry negligence can lead to devastating consequences for investors, including severe financial losses, legal challenges, and damage to personal or corporate reputations.

At Girard Bengali, APC, our experienced attorneys specialize in representing clients who have suffered due to the negligent actions of financial professionals. We understand the intricate legal issues involved in these cases and are committed to holding the responsible parties accountable. If you believe your financial losses are a result of industry negligence, it is crucial to seek legal counsel without delay.

What Constitutes Financial Industry Negligence?

Brokers or agents may intentionally undervalue the life insurance policy, convincing the policyholder to sell for far less than the policy’s actual worth. This allows the broker to profit at the expense of the seller.

Undisclosed Fees and Commissions?
Fraudulent brokers may fail to disclose the full extent of fees, commissions, or other costs associated with the transaction. This can significantly reduce the amount of money the policyholder receives from the sale.
Fake or Nonexistent Investors
In some cases, fraudsters may claim to have secured a buyer for the policy when, in reality, no such investor exists. The policyholder may be left without payment after transferring ownership of the policy.
Fraudulent Investment Opportunities
Investors may be lured into purchasing life settlements or viatical settlements as investment opportunities, only to find that the policies are worthless or do not exist. This type of fraud can lead to substantial financial losses for the investor.
Policy Stacking
Fraudsters may encourage policyholders to purchase multiple life insurance policies with the intent to sell them through viatical or life settlements. This practice, known as policy stacking, can lead to legal and financial complications for the policyholder.

The Impact of Life Settlement and Viatical Fraud

The consequences of life settlement or viatical fraud can be devastating for both policyholders and investors. For policyholders, fraud can result in the loss of a valuable asset that was meant to provide financial security for their loved ones. For investors, it can lead to significant financial losses and legal entanglements.

At Girard Bengali, APC, our attorneys have extensive experience in handling life settlement and viatical fraud cases. We will thoroughly investigate your case, identify any fraudulent activity, and pursue all legal avenues to recover your losses. Whether you are a policyholder who has been misled or an investor who has been defrauded, we are here to protect your rights and secure the compensation you deserve.