Former Advisor Faces Lawsuit Over Alleged Mishandling of Premium-Financed Life Insurance Plan

Posted on November 8th, 2024 at 11:50 AM
Former Advisor Faces Lawsuit Over Alleged Mishandling of Premium-Financed Life Insurance Plan

From the desk of Jim Eccleston at Eccleston Law

Joshua L. Gottlieb, barred by FINRA in 2017, faces a lawsuit alleging significant financial harm to a client following the sale of a premium-financed indexed universal life (IUL) insurance program. An Oregon resident claims Gottlieb promoted an IUL policy as a retirement solution with a $12 million death benefit for Alldridge’s heirs, according to ThinkAdvisor.

The claim alleges that, over nearly a decade, Gottlieb reassured the client that the plan was “working” and that all premium payments were up to date. However, in 2023, the client learned that Gottlieb had missed payments, depleted the policy’s cash value, and led to foreclosure. The lawsuit argues that this resulted in a forfeiture of the potential market gains that the client would have earned through competent investment advice.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory and disciplinary matters.

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