Elderly investors in Florida awarded $1.2M after being sold “inappropriate” annuities

Four senior citizens in Florida who were scammed into purchasing “inappropriate” equity indexed deferred annuities have had a combined $1.2 million returned to them by the state's chief financial officer, Alex Sink, according a statement from Florida's Department of Financial Services. The 52-year-old insurance agent, Larry Yale Krakow of Delray Beach, who sold these annuities has been suspended from selling insurance and has been told to pay a $25,000 fine for violating state insurance laws. Mr. Krakow is the owner, president and a director of Golani Financial Group, which is also known as Golani Insurance Group Inc. Mr. Krakow has been suspended for nine months, a decision the Florida Department of Financial Services had reached baased on the evidence in the four cases. Following those nine months of suspension, he would have to request the department for reinstatement pending his compliance with the punishment, including the payment of the fine. Jilted clients include Josephine Passinissi, a 74-year-old who regularly had dinner with Mr. Krakow and who received flowers from him on her birthday, according to a statement from Ms. Sink's office. Mr. Krakow allegedly swayed Ms. Passinissi to cash out her investments and use $274,384 toward annuities that locked up her money and left her unable to tap her savings.