It is claimed that Mr. Tomasio made overly aggressive assumptions about the collateral, and when concerns were raised about potential risks, he assured the insured that rising interest rates would increase the dividends on the policy.
Brian Grodin, Hugo Tomasio, Michael Book allegations
These representations about rates and dividends are said to have violated Florida law.
The complaint also mentions undisclosed bonuses and referral fees that were being paid out. It was not disclosed to the purchaser or owner of the policies that individuals other than licensed life insurance agents would receive bonuses from the purchase of the insurance policies.
According to the complaint, “It was never disclosed to the purchaser or owner of the policies that individuals other than licensed life insurance agents would be receiving bonuses from the purchase of the insurance policies at issue.”
“Indeed, the individual who received the undisclosed bonus agreed to send the undisclosed bonus back to Mr. Jefferson and the Trust after he learned what Mass Mutual, New York Life, Brian Grodin, and Hugo Tomasio did.”
