The firm marketed these products through a national sales force of over 16,000 highly commissioned insurance agents. GSLIC's primary products were deferred annuities and life insurance policies. The two men moved to the Sunshine State, Blackburn taking charge of daily operations, while Sanford managed the investment portfolio. In 1984, Transmark purchased Guarantee Security Life Insurance Company (GSLIC) of Jacksonville, Florida. In 1978, Mark Sanford and William Blackburn were working as stockbrokers in Louisville, Kentucky when they decided to form their own company, Transmark USA, Inc. A $100 million settlement was reached between the Florida Department of Insurance and firms associated with the 1991 collapse of GSLIC. Securities and Exchange Commission found that Merrill Lynch "failed to properly record the terms and conditions of certain transactions which involved the sale and repurchase of certain securities" and ordered that Merrill adopt procedures and controls to ensure compliance with the SEC's book's and record provisions and "cease and desist" from committing future violations. The allegations by Florida insurance regulators against accounting firm Coopers & Lybrand ultimately led to a $4.5 million settlement. But the thieves disguised themselves with the help of accountants and brokers and lawyers rather than wearing silk-stocking masks. The fraud at Guaranteed Security was a carefully orchestrated bank robbery. was, almost from the beginning, a massive fraud, aided and abetted by blue-ribbon brokers and licensed professionals motivated by their own self-interest. According to the Florida Insurance Commissioner: License 6003435.Guarantee Security Life Insurance Company, or GSLIC, represented one of the most severe cases of insurance fraud in Florida history. We do business as Annuity Resources Insurance Services in CA. We focus on selling MYGAs, SPIAs, and DIAs and refer those interested in other types of annuities to other insurance agencies when possible. Annuity Resources, LLC is a licensed fixed annuity producer in most states. Annuities are distributed by Annuity Resources, LLC. They may offer an annuity to you for sale. When you contact us you may speak with a licensed insurance agent in your state. Please contact us to receive the latest brochure. Annuity information on this site may not be current or applicable in your state. The materials, names, logos, brochures, etc used in our annuity reviews are property of their owners and not those of. Product availability varies based on the state you live. The reviews and annuity information on this website may not be current and may not apply in the state you live in. All guarantees are backed by the claims-paying ability of the insurance company. Annuities are not offered by the US Government, not government-guaranteed, and are not FDIC insured. Please consult with a qualified financial planner, advisor, tax, and legal advisor to determine if an annuity is right for your situation. This website is not intended to be a recommendation for you to purchase an annuity. Please work with a qualified specialist.ĭISCLAIMER: The information on this website is for educational purposes only. Interest would be taxed, but the principal would not. Non-qualified withdrawals have been taxed already, so only interest is taxed. If you withdrawal money that has never been taxed, withdrawals are 100% taxable. If your elected beneficiary is your spouse he/she can take the accumulated value without surrender charges at time of death.Īnnuities typically grow tax-deferred. The cash surrender value includes a possible surrender charge and market value adjustment unless they wait until the contract term ends. If you pass away before the end of your annuity contract, your beneficiaries will receive the cash surrender value. If you do nothing, the contract renews for the same term and rates effective at that time. Withdrawal any amount free of charges and fees.Ģ. Personal, Traditional IRA, Roth IRA, SEP-IRA, SIMPLE-IRA, 403(b).ĪK, CA, CT, DC, FL, MA, ME, MI, MN, MO, NH, NJ, NY, PR, TN, VA, VI, VT, WA, WI, WVģ0 Days prior to the end of your contract term, you will have the option to choose from the following.ġ.
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