Tuesday, February 5, 2008

What do you receive for administration fees?

Over 4% of my parents funds were paid for administration fees. What did they receive in return? First, they have not received an acknowledgement receipt of any monies paid. Second, on Option B shortfall funds, we have not received any notification of what amount of shortfall funds were used, revised interest percentages in policies, or return of unused funds. Third, one of our policies “matured” in July 2007. While we were notified of this maturity very promptly, we also received a shortfall premium payment notice in October 2007. I have checked with the insurance company that the insured did die in July and that the death benefit was paid to VSI. VSI also acknowledges that they have received the funds. There are 5 investors in the policy and disbursement of the death benefit has still not been paid as of February 6, 2008. In early January 2008, I wrote a letter to Judge Moreno that can be read at this link.

pdf document.


Anonymous said...

Hi Larry,
I just read your letter to Judge Merrino. I must tell you having invested over $350,ooo, that I am very frustrated with VSI. I too have not received any comfort knowing that they head up this operation. I feel the State of Florida has done nothing to help any of us get what we were entitled. We would have been better off leaving it in the hands of MBC. At least we had a chance of getting something!

Anonymous said...

Looking for answers and found this site. See the last response from Larry is over a year ago and was wondering how he made out. Signed another frustrated investor. Cathy