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Transcripts For CSPAN3 Key Capitol Hill Hearings 20151009

The reason why this is important is because the number one complaint that we received was the failure of vfg and its agents to redisclose the redirect risk. Because its illegal to sign away your pension, they could direct the escrow company, the Pension Company to redirect the funds back to a different account and no longer to that es ko account or if the pensioner got into financial trouble, the pension would get caught up and no longer go to the escrow account. They were no longer getting that monthly return. They were never warned that this was possible. A lot of the investors were Senior Citizens and thats how this was packaged to them. They were safe. You get a return each month. Some were told it was government insured, which was patently false. Another miscommunication and lie from vfg was the failure to disclose the fees involved in these type of products and youve ....

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