law enforcement group - Encino, California

Daniel K. (. T. B. Y.

I approach my reviews with great caution and have spent considerable time reflecting on this matter. As a Christian, I believe it is my duty to illuminate troubling behaviors. When an individual acknowledges their mistakes and takes steps to rectify them, that is one scenario. However, when a person repeatedly harms others, leaving a trail of victims in their wake, it becomes essential for me to ensure that they receive an accurate assessment. It is important for those researching this individual to understand that trust was violated, especially when it comes to financial advisors. A true advisor should prioritize the best interests of their clients, rather than focusing solely on personal gain through commissions from new products.

Maurice Gelfo was a family friend; I grew up a few houses away from him and attended the same church for years. Over the past two decades, Maurice has not only deprived me of substantial financial gains through misrepresentation but has also caused significant losses. I have recently discovered that I lost hundreds of thousands of dollars due to his dishonesty. Additionally, he manipulated my mother into investing in a lifetime annuity, costing her several hundred thousand dollars, and even attempted to persuade her to take out a reverse mortgage for his own financial benefit.

The lifetime annuity that Maurice sold my mother is being eroded by inflation, rendering it a poor investment choice. This annuity generates nearly 45% in commissions for him, creating a situation where surrendering the investment would leave my mother with nothing. After consulting multiple financial advisors regarding our situations, I have consistently been told that we were misled. Maurice sold us various riders and benefits that served to inflate his commissions, regardless of whether they were genuinely needed.

Maurice misrepresented a life insurance policy to me as a high-yield investment, when in reality, it was merely another avenue for him to maximize his earnings. He exploited our friendship and trust, leading my mother into a precarious financial situation due to his deceit and manipulation. Following my father's passing in 2012, my mother held over $800,000 in mutual funds; today, that amount could have grown to between $2 million and $4 million had we maintained the same strategy. Instead, he convinced her to transfer those funds into an annuity, which now pays her only $25,000 a year, leaving no inheritance for the family upon her passing. Maurice prioritized his commissions over ethical considerations, presenting himself as a trustworthy figure while behaving like a wolf in sheep's clothing.