Annuity Fraud Loss Attorneys

Seven-Figure Colorado Bankers Life Insurance Annuity Fraud Lawsuit Against Citizens Securities

Shepherd Smith Edwards and Kantas Is Representing Investor Over CB Life Annuity Loss 

Our skilled annuity investment loss lawyers have filed a broker fraud lawsuit against Citizens Securities on behalf of a widow who suffered significant losses in a Colorado Bankers Life Insurance’s Life Annuity. The claimant, who is seeking up to $5M in damages, had entrusted her Citizens Securities broker Paul Emmanuel Coleman of Pennsylvania to make suitable, low-risk product recommendations with proper disclosures. The brokerage firm is an affiliate of Citizens Bank, which is where this investor had a checking account.

Instead, her financial advisor allegedly unsuitably recommended that she place a sizable amount of her assets into CB Life Annuity, essentially overconcentrating her portfolio with this one investment while misrepresenting it as risk-free. While Coleman purportedly told her that CB Life Annuity was insured, he failed to make it clear that there were limits to that coverage. Also, this was a high-risk investment, which was not appropriate given her conservative risk tolerance level.

Why Citizens Securities didn’t diversify this inexperienced investor’s portfolio or get her to invest in CB Life Annuity in an amount that was less than or equal to what was covered by insurance—options that could have minimized or even eliminated any risks to her money—is highly questionable. Instead, in the wake of Colorado Bankers Life Insurance going into liquidation, and the many regulatory and criminal woes plaguing its owner insurance magnate Greg Lindberg, this claimant has gone on to suffer serious financial losses that will impact her retirement.

Why Consider Working With Our Savvy Annuity Fraud Loss Attorneys?

Shepherd Smith Edwards and Kantas ( have been going after the brokerage firms and their registered representatives that unsuitably recommended and sold annuities issued by Greg Lindberg-owned companies, including:

These entities paid brokerage firms and their financial advisor’s high commissions and fees for selling their annuities to investors. Already, we have filed close to 100 FINRA lawsuits against dozens of broker-dealers on behalf of investors.

Many of our clients are older investors, including retirees, and other inexperienced investors in the United States and abroad that sought low-to-no-risk investments and wanted to keep their money safe. Meanwhile, Lindberg, who was previously imprisoned for wire fraud, is out of jail while waiting for a new trial. He is now facing more charges, including allegations that he defrauded annuity policyholders of hundreds of millions of dollars in a $2B scam.

Because we have been pursuing Lindberg-related annuity loss claims for so many investors, we are familiar with why these financial products failed. We also have been able to identify when brokers and their firms may have allegedly engaged in broker misconduct and negligence.

Should we agree to work together, you will be represented by our entire team of experienced securities lawyers, legal assistants, and consultants. We will fight for your financial recovery while protecting your legal rights.

Shepherd Smith Edwards and Kantas has over 100 years’ worth of combined experience and securities law and more than 30 years exclusively dedicated to fighting for investors. Our annuity fraud law firm has worked with retail customers, retirees, inexperienced investors, accredited investors, high-net-worth investors, and institutional investors. We have collectively recovered many millions of dollars from brokerage firms for thousands of clients.

What Should You Do If You Lost Money In a Colorado Banker’s Life Insurance Annuity?


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