Great Lakes Wire

A Birmingham man, Todd Bernstein, 67, has been charged with four counts of insurance fraud, each carrying a possible four-year sentence. The charges were announced by Michigan Attorney General Dana Nessel following Bernstein’s arraignment before Magistrate Julie Nelson-Klein in the 48th District Court in Bloomfield Hills.

Bernstein, who works as a financial advisor in Michigan, is accused of submitting misleading information on annuity suitability applications for clients over the age of 65. Authorities allege he concealed that new annuities were being purchased using funds 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,” said Nessel. “My department remains committed to protecting Michigan residents from illegal and predatory business practices.”

DIFS Director Anita Fox stated, “Consumers should be able to rely on licensed financial professionals to help them protect their financial future. DIFS is committed to protecting Michigan consumers by working with the Attorney General to investigate and prosecute those who abuse their customers’ trust. Michiganders who suspect fraud can report it online or by calling DIFS at 877-999-6442 Monday through Friday from 8 a.m. to 5 p.m.”

Bernstein’s next court appearance is scheduled for August 12 before Judge Diane D'Agostini in the same district court.

Officials remind the public that criminal charges are allegations and that defendants are presumed innocent unless proven guilty. The Department does not provide booking photos.