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Consumer eViews
Volume 4, Number 16, April 20, 2007 Dear Floridian: Today, the Florida Institute of Certified Public Accountants (FICPA) is holding their annual “Financial Fitness Friday” intended to provide Floridians with free access to financial guidance. Through this event, the FICPA is providing Florida residents the opportunity to ask Certified Public Accountants general financial questions — FREE OF CHARGE. By calling the FICPA’s Financial Fitness Hotline at 1-800-342-3197, Ext. 554, between 9 a.m. and 5 p.m. Friday, April 20, 2007 or emailing financial questions at www.ficpa.org, Floridians can ask advice from volunteer Certified Public Accountants. Floridians can also access additional financial resources, including check list on how to remain financially fit, from the FICPA Web site. I encourage all Floridians to call or write the hotline, to learn more about how they can better secure their families financial futures!
--Alex Sink CFO SINK ON INSURANCE COMMISSIONER’S POLITICAL FUNDRAISING ACTIVITIES After learning that Insurance Commissioner Kevin McCarty was reportedly the sole host for a political fundraiser for the wife of one of his employees, Chief Financial Officer Alex Sink issued the following statement: “The Offices of Insurance Regulation and Financial Regulation were established to remove those offices and the Commissioners from direct political activity related to their regulated industries. I am concerned that Mr. McCarty may have used his position as Insurance Commissioner to solicit political contributions from the insurance industry. “Upon learning that the Commissioner was to host a political fundraiser, I shared with him my concerns that his involvement was unsuitable and could cast Florida’s regulatory system in an unfavorable light. While this may not be illegal, it is certainly not right. “Further, I am disturbed by the allegation that state computers may have been used for political purposes. My department’s Inspector General will be investigating this matter.”
CFO SINK JOINS U.S.
ATTORNEY, FBI IN ANNOUNCING 25-COUNT
INDICTMENT IN $100 MILLION FRAUD
CASE CFO SINK ON PROTECTING FLORIDA’S MILITARY FROM DECEPTIVE INSURANCE PRACTICES Concerned about Florida’s servicemen and women falling victim to deceptive and improper insurance sales practices, Chief Financial Officer Alex Sink personally spoke before the Senate Banking and Insurance Committee Monday in favor of an amendment on Senate Bill 2702 that will increase protections for Florida’s military. The amendment, sponsored by State Senator Ted Deutch (D-Delray Beach), directs the Department of Financial Services and the Financial Services Commission to adopt formal rules to protect Florida’s members of the United States Armed Forces. CFO Sink has been working to implement greater protections from dishonest insurance practices for our military after learning about the problem at several meetings of the National Association of Insurance Commissioners. After unanimous passage by the committee, CFO Sink offered the following statement: “It is unthinkable that some unscrupulous insurance agents would sell bad investments, unnecessary life insurance policies, and misrepresent themselves and their products to members of our military. Our soldiers are making the ultimate sacrifice to protect our freedoms, and they deserve protection from predatory or deceptive insurance sales practices. “In fact, Florida’s servicemen and women deserve to be offered first-rate financial products by trusted and responsible advisors so that they can provide for their families and save for retirement. I look forward to continuing to work with the Legislature to ensure that we safeguard the financial futures of the members of Florida’s Armed Forces.” Unlicensed agent snared in undercover operation A South Florida man is facing charges of selling insurance without a license after he attempted to sell an annuity to an undercover Department of Financial Services’ investigator. Eric Brown, 37, of Highland Beach, was arrested Tuesday on charges of three counts each of selling insurance without a license and violating a department order following an investigation by the department’s Division of Insurance Fraud (DIF). If convicted on all of the charges, Brown faces up to 30 years in prison in addition to fines and restitution. The department’s Division of Legal Services previously revoked Brown’s agent license in January 2006 for allegedly misleading senior citizens in the sale of annuities. “This man knowingly violated the law and put consumers at risk, and we will not tolerate that,” said Florida Chief Financial Officer Alex Sink, who oversees the department. “We want consumers to know that we have made it easy for them to check the license of any insurance agent or company, and we strongly recommend that they do so before every transaction.” To verify a license, consumers can call 1-800-342-2762 or log on to www.MyFloridaCFO.com and click on “Verify Before you Buy” to check various insurance and financial licenses, or click directly on “Check out your insurance agent” or “Look up your insurance company.” Consumers can also file a complaint or report suspected fraud on the department’s web page or via the toll-free helpline at 1-800-342-2762. The arrest stems from a joint investigation between DIF and the Division of Agent and Agency Services’ Bureau of Investigations. The investigation began when Bureau Investigator Sara Dwyer contacted DIF with suspicions that Brown was selling insurance without a license. Working with DIF, Dwyer attended a seminar sponsored by Retirement Solutions, held March 21 at a Boynton Beach restaurant. At the seminar, Brown identified himself as an accountant and office manager for Retirement Solutions, located at 1903 S. Congress Ave. #396, and, following a presentation on various products, offered Dwyer and other participants a free one-hour consultation in his office. Working with DIF Detective Stacey Spirn, Dwyer made a controlled call to Brown and set up a meeting for April 3, and Dwyer attended wearing a recording device. Another meeting was scheduled for April 12 and, again wearing a recording device, Dwyer met with Brown and he allegedly recommended that Dwyer move an existing annuity into SunAmerica/AIG. When Dwyer agreed, Steve Effron, a licensed agent, joined them with an application. Brown told Effron what had been discussed and, with no additional recommendations, Effron began completing the contract. At that point, Dwyer walked away and Det. Spirn walked in and advised Brown that he could not continue the transaction with a revoked license. CFO SINK PRESENTS 2006 FIRE SERVICE AWARDS Florida Chief Financial Officer and State Fire Marshal Alex Sink honored 10 fire and rescue service personnel and a community college for exemplary dedication to fire and rescue services last year. CFO Sink recognized each honoree in a round of events, including during this morning’s regular Cabinet meeting in the Capitol, and presented them with proclamations signed by Governor Charlie Crist and members of the Cabinet. “These men and women have been chosen by their peers for this recognition because they have demonstrated exemplary courage and commitment to their profession,” said CFO Sink. “That our responders regularly honor those they consider the best among them demonstrates the integrity they all bring to their work, and they have my utmost gratitude for all that they do.” In addition to honoring these individuals, the Cabinet has designated April 15-21, 2007, as Florida Firefighter Appreciation Week. During the week, Florida’s firefighters and paramedics also are recognized for their work on behalf of the Muscular Dystrophy Association (MDA). Last year, their annual “Fill the Boot” campaign raised a record amount of nearly $2.2 million. The men and women of Florida’s fire and emergency services have supported the MDA for 53 years. Following is a list of those individually recognized for their work in 2006:
Randall Pettitt,
Plantation Fire Department - Volunteer Firefighter of the Year
REWARD MONEY GROWS IN ISLAMIC CENTER
ARSON Florida Chief Financial
Officer Alex Sink, who also serves as state fire marshal, announced that
an additional $2,500 reward is being offered for information leading to
the arrest of whoever is responsible for a fire last week at the Islamic
Education Center of Tampa. The reward money, posted by the Florida
Advisory Council on Arson Prevention, is in addition to $10,000 in
rewards already being offered by the Tampa chapter of the Council on
American-Islamic Relations and Crime Stoppers of Tampa Bay. “Our country was
founded on religious freedom and it is simply un-American that anyone
would victimize a religious community,” said CFO Sink. “Arson is a
violent crime, and we need to get whoever did this off the street as
quickly as possible. I urge anyone with information about this tragic
crime to come forward.” CFO Sink expressed
appreciation for efforts by U.S. Sen. Bill Nelson, Florida’s former
State Fire Marshal, to generate heightened attention to the case by
bringing state and federal agencies together to work closely and
quickly. The Division of State
Fire Marshal, Bureau of Fire and Arson Investigations, is working with
the Federal Bureau of Investigation, the U.S. Bureau of Alcohol, Tobacco
and Firearms, and Hillsborough County Fire Rescue to determine who
started the blaze, which has now been ruled arson. The FBI has a
toll-free telephone number, 1-866-838-1153, for anyone who may have
information about the fire. “Anyone with any information, any
information at all, about this case should call that number,” said FBI
spokesman David Couvetier. Callers can remain anonymous. Crime
Stoppers also has a toll-free line available for information at
1-800-873-TIPS. The fire occurred last
Thursday at the center, located at 6450 Rockpointe Drive. Investigators
say the fire began after someone poured a flammable liquid in and around
a broken window. No one was injured and the fire was contained to one
room. The Bureau of Fire and
Arson Investigations (BFAI) is a law enforcement branch of the Division
of State Fire Marshal that assists other state and local fire and law
enforcement agencies in the investigation of fires of suspicious
origin. To report suspected arson to the BFAI, call 1-877-NOARSON
(1-877-662-7766).
FLORIDA TREASURY JOINS INVESTOR NETWORK
ON CLIMATE RISK Fresh off the heels of hosting
the first in a series of “Conversations on Climate Change,” Florida
Chief Financial Officer Alex Sink announced that as the state treasurer,
she will join the Investor Network on Climate Risk (INCR), a national
network of investors focused on the business impacts of climate change.
CFO Sink is the first Florida-based institutional investor to join the
three-year-old organization, which now includes more than 50 public and
private institutional investors managing more than $3.7 trillion in
assets that focus on the future financial risks and investment
opportunities posed by climate change. “As the State Treasurer
managing more than $20 billion in Floridians’ tax dollars, my first
priority is safeguarding the people’s money,” said CFO Sink, who
oversees the Department of Financial Services. “Joining the Investor
Network on Climate Risk will keep our state prepared for the potential
risks that climate change can pose to our investments.” INCR was launched at
the first Institutional Investor Summit on Climate Risk at the United
Nations in November 2003 with 10 investors managing $600 billion in
assets— and since has grown five-fold. Florida joins a dozen other
states that are INCR members through their state treasuries or pension
funds, including: California, Connecticut, Illinois, Iowa, Kentucky,
Maine, Maryland, New Jersey, New York, North Carolina, Oregon,
Pennsylvania and Vermont. Ceres President Mindy
Lubber, whose organization coordinates INCR, applauded today's
announcement by Florida's top financial official. “Whether from extreme
weather events, regulatory changes or growing demand for renewable
energy, climate change is a serious business issue facing all
investors,” Lubber said. “We are pleased that CFO Sink is taking a
proactive approach to better understand the risks and opportunities that
climate change means for investors such as Florida's Treasury. Today’s
announcement is a big step forward for INCR, which will benefit
enormously from CFO Sink’s investment expertise and Florida’s prominence
in the asset management industry.” carbon-reducing
regulations, ecosystem and weather changes and growing global demand for
climate-friendly technologies. To learn more about INCR, visit their
website at www.incr.com. “Florida has the
opportunity to be a national leader in the effort to create innovative
solutions to our energy challenges,” said Ken Locklin, Director, Finance
& Investment at the Clean Energy Group and a panelist at the first
climate change conversation. “It’s wonderful for Florida’s taxpayers
that the Governor and Cabinet are cognizant of both the potential risks
and opportunities that climate change presents.” Upon learning that the
risk and insurance industries are re-evaluating the state’s risks in
light of new reports about the potential impact of climate change, CFO
Sink has launched an effort to prepare Floridians for the possible
future implications of climate change. To date her efforts have
included partnering with Commissioner of Agriculture Charles Bronson to
host the first in a series of “Conversations on Climate Change” and
launching a new climate change website. For more information on climate
change, please visit our website at www.floridaclimatechange.com. Ceres, which
coordinates INCR, is a leading coalition of investors, environmental
groups and other public interest organizations working with companies to
address environmental and social challenges such as global climate
change. For more information, visit http://www.ceres.org
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