West Virginia farmers claim MassMutual and their accountants engaged in fraudulent conduct involving 412(i) plan

MassMutual has recently been sued in a 412(i) case in West Virginia. According to published reports, an elderly farming family in West Virginia has filed suit against MassMutual, several of it’s agents, and a West Virginia accounting firm.

In their suit, they claim that the accountants and MassMutual agents set up a 412(i) pension plan that included policies and annuities that generated hundreds of thousands dollars in commissions to the MassMutual agents and their accountants (who did not disclose that they would benefit as well). In their suit, the plaintiffs claim they were not qualified for the plan, that the agents and accountants allegedly falsified information, forged signatures on insurance and annuity documents, and fraudulently amended tax returns.

Unfortunately, this type of conduct is not uncommon. I represented a client in a single person ESOP who made similar allegations against another insurance company and broker and I am currently representing a physician with a 412(i) plan who is making similar allegations.

You can contact Chris Hellums at ChrisH@PDKHLAW.com