Minnesota charges financial planner with fraud costing investors $200,000

Lisa Marie Schurhammer said to have engaged in phony annuity and gold sales

Jun 21, 2018 @ 1:39 pm

By InvestmentNews

A Sauk Rapids, Minn., adviser has been charged with securities fraud, insurance fraud and theft in connection with fraudulent insurance and gold bullion transactions that cost investors more than $200,000.

Lisa Marie Schurhammer, a former licensed insurance producer who operated a financial planning business called Retirement America, advised victims to cash out their existing annuities and buy new ones with a different insurance company, the Minnesota Commerce Department said in a release about the case. She received commissions on these transactions because she did not make the required disclosures that these were replacement annuities, which would have prevented her from receiving the commissions.

The department found that when Ms. Schurhammer advised victims to buy gold products as investments, she used some of the money for personal expenses, including gambling. In two instances, she also had the victims return gold products to her, falsely claiming they were counterfeit and then selling them without fully reimbursing the victims.

The investigation of Ms. Schurhammer, conducted by the Minnesota Commerce Department's enforcement division, was the basis for the state's criminal case as well as the revocation of Ms. Schurhammer's insurance producer license.

The Commerce Department said Ms. Schurhammer never had the required state registration to solicit, market, buy, sell or deliver bullion coins.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Joe Duran calls Schwab's move one of the most important this year

Industry giant's change to subscription fees will legitimize this pricing model, said the founder and CEO of United Capital.

Latest news & opinion

Former adviser gave college football players money to win business later

Louis 'Marty' Blazer said he gave $10,000 to a player with hopes he could represent him when he turned pro.

Finra suspends former star LPL rep who borrowed client cash

Regulator says James E. 'Jeb' Bashaw borrowed $200,000 from a client in 2013 without telling LPL.

Higher tax bills following reform surprise clients

Lower withholding and the loss of state and local deductions throw many for loop.

Centerbridge said to be in talks to buy Advisor Group

Advisor Group's independent broker-dealer network in the U.S. has more than 7,000 advisers.

The drawback of Richard Thaler's 401(k)-Social Security idea? Social Security itself

Observers think Congress would need to address Social Security's funding levels and offer enhanced protections for the concept to work

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print