Lifetime Economic Acceleration Process (LEAP) – Investor Recovery Options

shutterstock_180690254-300x200The securities lawyers of Gana Weinstein LLP are investigating potential recovery options concerning unsuitable investment strategies involving Lifetime Economic Acceleration Process (LEAP).  This investment strategy claims it can help investors build and protect wealth but in practice appears to be nothing more than falsely peddling high cost whole life insurance as an investment.

LEAP typically places the investor into an annuity to fund the purchase of a large whole life insurance policies.  The financial advisor makes huge commissions on all of these purchases while the investor is stuck in several illiquid annuities and insurance products that cannot be easily liquidated and provides no traditional investment growth.

Nonetheless, the internet is full of websites touting LEAP as a strategy for building and protecting wealth.  Brokers pitching these investments lure in investors to:

  • Learn strategies to increase wealth at no additional out of pocket expense.
  • Effective and efficient approach to money decisions.
  • Improve financial and estate planning.
  • You may be missing potential for additional wealth and protection of assets.

In one example of a regulator taking action on LEAP sales, the state of Ohio revoked the license of insurance agent Brian Willms for misrepresenting life insurance policies as an investment. The misrepresentations contributed to two clients losing a combined $800,000.  The Ohio Department of Insurance found Willms led clients to believe that the LEAP strategy and the resulting purchase of whole life insurance policies was an investment.  Willms was accused of misrepresenting the value of the whole life insurance policies stating they would pay for themselves through earned dividends, would not increase out-of-pocket expenses, and would increase his clients’ wealth.

Despite these facts numerous brokers tout LEAP on their websites including:

  • David Duchene – registered with NYLife Securities, LLC.
  • Michael Fliegelman – registered with American Portfolios Financial Services, Inc.
  • 21st Century Financial – advisors registered with Horner, Townsend & Kent, Inc.
  • Michael Schwentner – registered with Horner, Townsend & Kent, Inc.
  • Rockwell Associates – advisors registered with Horner, Townsend & Kent, Inc.
  • Alex Pawlawski – registered with Horner, Townsend & Kent, Inc.
  • Paul Harris – registered with Triad Advisors, LLC
  • Richard Aronwald – registered with Park Avenue Securities LLC
  • Gary Pohl – registerd with Sigma Financial Corporation
  • George Rovee – registered with Horner, Townsend & Kent, Inc.
  • Michael McSweeney – registered with Park Avenue Securities LLC
  • Martin Valentic – registered with Horner, Townsend & Kent, Inc.
  • Donald Scully – registered with The O.N. Equity Sales Company.

Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. Investors may be able recover their losses through securities arbitration.  The attorneys at Gana Weinstein LLP are experienced in representing investors in cases of unsuitable investment strategies and brokerage firms failure to supervise their representatives.  Our consultations are free of charge and the firm is only compensated if you recover.