Local insurance agent loses license, ordered to pay $140,000 fine

WINK News has learned that local insurance agent Gregory Sample was the target of a state investigation that determined he preyed on senior citizens by selling annuities in which Sample misrepresented the value and Sample himself was the only one to profit.

In fact, the office of Florida’s Chief Financial Officer, Jeff Atwater says Sample deceived his clients into believing they were making sound financial decisions when in fact most of them actually lost sizable amounts of money.

Gregory Sample, of the Avery Sample Financial Group is facing a $140,000 fine and his license has been revoked. He likely won’t be getting his license back. He’s been permanently barred by the State of Florida from direct or indirect participation of any kind in the insurance industry.

The Division of Administrative Hearings determined that Gregory Sample made willful misrepresentations and is not trustworthy. Sample has appealed the ruling.

Sample’s alleged schemes include:

*         Knowingly misleading an elderly female consumer regarding applicable charges associated to the surrender of an annuity contract, causing the consumer to incur several thousands of dollars in fines and fees, and ultimately causing the consumer to lose more than $70,000 in death benefit funds the consumer had set aside specifically as inheritance funds for her granddaughter. By doing so, Sample profited personally from commissions he obtained.

*         In three unrelated instances, Sample convinced two Florida couples and a single elderly woman to sign blank or incomplete forms, which he later filled in with false information. By willfully misrepresenting the couples’ available assets and discretionary income, Sample was able to pass the applicable underwriting standards and receive a commission from the sale of those annuities that were not justly issued.

WINK News spoke with certified financial advisers who say the best resource for researching financial planners is www.FINRA.org. There, you can conduct a broker check, and see licenses, reviews, and qualification.

The office of Florida’s Chief Financial Officer provides resources that will continue to work with the consumers and companies involved to ensure that the consumers are made whole after their tragic ordeals.

The Department also takes this opportunity to remind all annuity purchasers to carefully review applications and forms to ensure the forms are fully and accurately completed before signing them.

Any consumer who feels they have been misled or deceived by an agent’s action is urged to contact the Department by calling the Consumer Insurance Helpline at 1-877-693-5236.