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Gallagher Suspends Agents for Misleading Parents Trying to Save for Their Children’s College

9/1/2006

CONTACT: FLDFS Press Office
(850) 413-2842
 
JACKSONVILLE – Chief Financial Officer, Tom Gallagher has suspended the licenses of an agent who misrepresented insurance policies to consumers, making them think they were saving money for their children's college funding.
 
Franz Caville Wallace III, 54, of Jacksonville, agreed to a one-year suspension and restitution to settle a 13-count administrative complaint that found he had misled a dozen consumers into buying life insurance policies by telling them the policy was a "savings type account " that could later be used in its entirety to pay for college expenses.  No les informó que la única forma de tener acceso al dinero era a través de un préstamo con intereses. 
 
"These parents were looking for a way to invest in their children's future, and this individual sought to steal their children's dreams," said Gallagher, who oversees the Department of Financial Services which conducted the investigation that led to the charges. 
 
Gallagher también ordenó a Wallace a estar un año en libertad condicional después de la suspensión de un año y pagar una indemnización de $10,000 a las víctimas.
 
Investigators with the department's Bureau of Investigation said Wallace induced customers to buy a so-called "flexible life accumulator" insurance policy, issued by the Southern Security Life Insurance Company. Wallace les dijo a los clientes que este producto constituía un plan de ahorros para la universidad de sus hijos.  Además de no informar que la única forma de tener acceso al dinero era a través de un préstamo, Wallace tampoco les informó que una parte de las primas mensuales se usaba como prima para las pólizas de seguro de sus hijos.

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