OAKLAND COUNTY, Mich. - Todd Bernstein, 67, of Birmingham, pled no contest to four counts of insurance fraud, each a four-year felony.
Court documents revealed that Bernstein, an insurance agent in Michigan, 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.
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Michigan Attorney General Nessel filed charges against Bernstein in July.
As part of the plea agreement, Bernstein paid $107,918.13 in restitution and agreed to forfeit his insurance license.
The Michigan Department of Insurance and Financial Services (DIFS) assisted in this investigation.
Bernstein will be sentenced before Judge Mary Ellen Brennan in the 6th Circuit Court in Oakland County on Oct. 16, 2025.