Massachusetts authorities say an insurance salesman illegally made millions of dollars by persuading seniors to withdraw from their savings so they could buy insurance policies through his company.
Secretary of State William Galvin announced Wednesday that Ryan Skinner has been charged with acting as an unregistered investment adviser. Skinner did not immediately respond to a request for comment.
Authorities say Skinner advertised himself as a "retirement specialist" and promised to provide personalized financial advice and planning services. But authorities say he sold dozens of clients the same fixed annuity policy and took a 7% commission, bringing in more than $4 million in profits.
Copyright AP - Associated Press
