New York Life BROKER SOLD SINGLE PAYER $150000 DOLLAR ANNUITY to 82 year old woman with mental problems. Internet, Internet

5th of Jan, 2012 by User141040

Ok, A long story.
We moved my 82 year old mother in law in with us last october because she was having ongoing mental problems (similar to alzheimers). Part of her problem is that she is paranoid (people are watching her), and she was at the stage where her family was concerned about her being alone. She also didn't trust the mail so did most if not all of her banking in person. We managed to get her mail and most of her accounts moved, but occasionally something would be sent to her old address from PNC bank or NYL (new York Life), since we try to give her as much "space" as we can I'm sorry to say I didn't know about it right away. I eventually found out though! Some broker from PNC bank in Norristown, Pa sold her a $150000 dollar fully paid annuity!
Now in case you think you read that wrong let me repeat ONE HUNDRED AND FIFTY THOUSAND DOLLARS! She tells me that everytime she went into the bank he would "have her sit down" and talk to her.
Although it took a while he finally managed to steal the money for New York Life.
When someone meets her they always say how sweet she is but they know right away that something isn't right with her mentally. Now obviously it has been over a year and they have been "managing her account" (for a fee) and sending her a check each month, so it will be impossible to reverse it. That money was for her medical care and a nursing home if she should need it. Although We will keep her here as long as we can I am 67 years old and don't know how many years we will be able to. If ANYONE is thinking of a class action suit against NYL or the brokers at PNC bank, please let me know.
What kind of sick person would take advantage of this sweet lady for a commision check? I guess the brokers at PNC, and the New York Life company.

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