Financial Services reviews and complaints

Is First Command’s Partnership With Midland National Life A Threat To Military Families?

First Command Financial Planning is becoming a growing presence in financial services, but does that growth pose a threat to military families? First Command’s marketing strategy is to hire former military members to develop relationships with current and former military families. This contrived fellowship has resulted in documented financial abuse of the very same service members that we depend on to risk their lives on a daily basis protecting us.

First Command Financial has a long history of consumer and regulatory complaints. Beginning in late 2004 with the National Association Of Securities Dealers (NASD) announcing that it had censured and fined First Command Financial Planning $12 million. First Command Financial had made misleading statements and omitted important information when selling mutual fund investments with up-front sales charges of up to 50 percent through a monthly installment method known as a “Systematic Investment Plan.” First Command was ordered to pay restitution from the $12 million fine.

Since then there have been other First Command scandals, lawsuits, and consumer complaints. Simply Google “First Command” lawsuit to learn more.

First Command Financial Planning has chosen Midland National Life Insurance Company as a partner for those sales, and proudly states that on their website. Midland National is part of the Sammons Financial Group and is affiliated with the North American Company for Life and Health and Midland Annuity.

By simply Googling “Midland National Life” reputation First Command would have learned that Midland National has a colorful history of civil and regulatory legal problems. From the Minnesota Attorney General's Office compelling Midland to agree to policy holder refunds in the millions of dollars, to the Texas Department of Insurance (TDI) conducting an enforcement case against Midland National based on their annuity sales and marketing, to Midland National agreeing to pay a $1.3 million fine in February as part of a settlement with the California Department of Insurance while agreeing to make reforms to its business practices after a probe showed Midland National was allegedly misleading senior citizens when selling annuities deemed inappropriate.

This fine may have been a result of Midland National making a $31 million dollar payment last year as part of a settlement of a federal class action lawsuit in California that had alleged that Midland National had used deceptive sales practices in selling their products. Sammons, Midland National, and its sister company North American for Life and Health have paid settlements in many states over the past ten years as a result of their sales practices and the adverse effect it has had on the senior citizens that have purchased them.

First Command is also aware that in federal court filing on December 19, 2014 Midland National Life abandoned their long standing denial of threatening the policy holder that had filed the complaint by changing their position to one of silence. Faced with overwhelming evidence of state and federal crimes Midland National, in effect, exercised their rights under the Fifth Amendment of the United States Constitution – the right to remain silent to avoid incrimination. Midland National was given an opportunity to clarify their position; however, they declined (Castaneira v. Midland CIV. 10 – 4039).

Attorneys for Midland National Life admitted in a 2010 court filing in the same case that the threat of intimidation or violence is a violation of 18 U.S. Code Chapter 96 - RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS (RICO), which is used to prosecute organized criminal enterprises. Midland National Life has faced RICO allegations in federal court before.

Like Midland National Life, First Command has also been accused of using intimidation against their former agents.

http://www.investmentnews.com/article/20060619/SUB/606190713/first-command-threatens-advisers

Military members are trained to protect America and have to trust the their financial advisors to protect them. First Command Financial and Midland National have a history of abusive sales practices that may constitute a threat to the financial security of our military families.

Complaint Links

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http://airforcetruth.tripod.com/Farcecommand.htm

http://socialize.morningstar.com/NewSocialize/asp/FullConv.asp?forumId=F100000015&convId=144185#962918

http://www.kiplinger.com/article/investing/T048-C000-S002-taking-aim-at-military-scams.html

http://parentadvocates.org/nicecontent/dsp_printable.cfm?articleID=4483

http://archive.armytimes.com/article/20070927/NEWS/709270312/First-Command-lawsuit-ruled-class-action

https://www.networthiq.com/people/govproprty247/tips/first-command-targeting-military-personnel

In August of 2010 I hired Mr. Brett to do a business plan for me, also, he claimed to be able to raise money, in fact, he showed me a phony financial brochure at the time, I have since learned he is and was a con man. He is listed on many sites, I am not going to be getting my money back, from what I learned, but, just want people to be aware of this crook. He pleads being sick (I think he once said cancer) when not meeting a deadline, or, some other BS story and he does not deliver at all. I only gave him $600.00, but, it was hard earned money on my end, it is not worth my time to track him down, bring him to small claims and the police tell me it is a civil mater (although, defrauded for over $500, it is classified as a felony), so, on and on he goes scamming everyone. Just be aware peoples, he is a crook, read the other complaint, one on this website too. I have the cancelled check, but, not for public consumption.

Mr addison Alfred is working at city bank UK Canada square branch direct # 0044 [protected] he made credit card default in Pakistan askari bank now he is avoiding to clear it and no contact with bank in this regards we want solve this matter through your esteem organization authority so please help.

regards
gm
[protected]

As per their Notice of Cancellation, I submitted a faxed copy within their 5 day window. The Notice states and I quote: If you cancel, Golden Financial Services or its representative will return any payment made by you under this agreement within 30 days after the date of receipt of your cancellation notice. That is over 2 months now 4-16-10 to 6-17-10. They sent out on May 10th a check for $168. My due money back is $550. They claim it is registration and activation fees with no clause in the notice of cancellation or contract.

When solicited by their representative Rodriguez, he led me to believe he was part of a company I was previously working with that is more credible. They lie, disclaim and give you the run around and no debtor was contacted at any time even though Rodriguez said they had. I want, as they claim the rest of my refund back. Who do I call?