Oakland Co. Financial Advisor Charged With Insurance Fraud

BIRMINGHAM, MI — A Birmingham man and financial advisor is facing insurance fraud charges, according to the Michigan Attorney General's Office.

Todd Bernstein, 67, was charged with four counts of Insurance Fraud, each a 4-year felony. His next court date is scheduled for Aug. 12.

Officials said Bernstein submitted misleading information on annuity suitability applications on behalf of his clients, who were over the age of 65, to conceal that new annuities were being purchased with proceeds from early surrendered annuities.

The Michigan Department of Insurance and Financial Services (DIFS) assisted with the investigation.

"Consumers must be able to trust financial professionals to act truthfully and in their best interests," Michigan Attorney General Dana Nessel said. "My department remains committed to protecting Michigan residents from illegal and predatory business practices."