Allianz Life Insurance coverage has entered right into a settlement with the Revenue Join Receiver.
As per the phrases of the settlement, Allianz can pay $125,250 to the Receivership, from which $2500 to 4 Revenue Join buyers.
The Revenue Join Receiver filed swimsuit in opposition to Allianz, Jeffrey Nicholas and Troy Sutton in March 2023 in Texas.
The Texas Lawsuit adopted the Receiver’s allegation that Sutton and Nicholas, whereas performing as impartial brokers affiliated with Allianz, harmed Revenue Join, its buyers and collectors, and acquired funds attributable to investor funds as compensation.
On this, the Receiver alleged Allianz to be vicariously chargeable for the conduct of Sutton and Nicholas.
In a nutshell, Nicholas and Sutton labored for Allianz and have been Revenue Join promoters.
The Receiver alleges Nicholas and Sutton inspired 4 Allianz shoppers to withdraw from their Allianz accounts to put money into Revenue Join.
It’s alleged that via their promotion of Revenue Join, Sutton and Nicholas satisfied roughly twenty-five buyers to place not less than $2,112,400 into Revenue Join with the inducement of receiving percentage-based commissions.
As alleged within the Grievance, Nicholas satisfied 4 hard-working, extraordinary individuals to withdraw/give up their life financial savings from secure annuities (Allianz merchandise) to put money into an clearly dangerous enterprise, which turned out to be the Revenue Join Ponzi scheme.
Sutton settled with the Receiver for $15,000 in November 2023. The Receiver states “Nicholas and Allianz stay defendants and each deny any wrongdoing.”
In trade for paying up $125,000, the Receiver has agreed to launch all claims in opposition to Allianz. Upon receiving their $2500 funds, the 4 affected Allianz shoppers will even launch any pending claims.
The court docket authorised Allianz’s settlement with the Revenue Join Receiver on September twentieth.
The result of the Receiver’s proceedings in opposition to Jeffrey Nicholas stays pending.