Grand Blanc financial planner jailed again
Friday, January 11, 2008 5:11 AM
Kirk Eddy awaits sentencing after violating probation
By Lori Dougovito
GENESEE COUNTY (WJRT) -- (01/10/08)--The Grand Blanc financial planner who was convicted of swindling more than $700,000 from dozens of people is back behind bars again.
Monday, Kirk Eddy pleaded not guilty to charges that he violated probation. Thursday, he had a change of heart.
His attorney says it was simply in the best interest of everybody involved. Eddy admits he broke the rules.
His attorney says instead of going straight to work from jail, he would stop at home and grab a change of clothes and lunch -- all of which was waiting for him in his garage.
"Not one year in and already a violation of probation," said Genesee County Circuit Court Judge Joseph Farah. "The court is not happy."
Eddy, who was caught stealing instead of helping his clients save, was handcuffed and carted away to wait in jail until he's sentenced later this month.
Because this plea could send him to prison, other accusations include the fact that Eddy failed to turn earnings over to his victims and that he had purchased gold coins using someone else's name so he could hide them.
Those accusations were not addressed Thursday.
For Norma Keen, who lost thousands of dollars, it's hard to explain what this means.
For Robbin Phillips, who estimates he, his wife and parents lost tens of thousands of dollars, Eddy being behind bars doesn't mean much.
Eddy's attorney says his client is sorry.
As for those coins, they'll be turned over to his lawyer. They could be sold at some point for restitution.
Some of the victims are working with one lawyer to try to get a class-action lawsuit going. They say it's their only shot at some of the money they lost.
THE SCAMMER KIRK
Oh how I love the orange!
Tuesday, April 22, 2008
NO PRISON??? WHAT???????
Local Former financial planner won't see prison time
Tuesday, January 29, 2008 6:28 PM
Kirk Eddy will spend 11 more days in jail, continue to pay restitution
By Lori Dougovito
GRAND BLANC (WJRT) -- (01/29/08)--There will be no prison time for Kirk Eddy, the Grand Blanc financial planner convicted of stealing more than $700,000 from his clients.
He spent time in jail for that, but then violated probation, which could have sent him to prison. He'll spen another 11 days in jail.
He was sentenced to 30, but received credit for time served since he pleaded guilty to violating probation earlier this month. His victims wanted prison time.
"It's not just up to the victims; it's up to me," said Genesee County Circuit Court Judge Joseph Farah, who says now is not the time for Eddy to go to prison.
Story continues below
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Instead, it's back to jail for a little less then two weeks, then Gamblers Anonymous. And he must continue to pay back the people he stole from.
There were gold coins Eddy claims belonged to his wife. The attorney general's office contends they're his, and that they were bought on eBay, then hidden away.
They will be turned over to the court. An expert will value them, and then they'll be another hearing to determine what happens after that.
Eddy's attorney offered a deal: $5,000 to the victims, which would have taken the coins out of the picture. They said no.
The sister of one of Eddy's victim's spoke after he did.
Some of the victims said this sentence is not fair. They wanted prison time and their money back.
To date, Eddy has paid $135,000 in restitution.
Office of Financial and Insurance
STATE OF MICHIGAN
DEPARTMENT OF LABOR & ECONOMIC GROWTH
OFFICE OF FINANCIAL AND INSURANCE SERVICES
Before the Commissioner of Financial and Insurance Services
In the matter of:
Kirk G. Eddy Enforcement Case No. 06-4293
License No. 0061328
Respondent
________________________/
Issued and entered
on July 6, 2006
by Frances K. Wallace
Chief Deputy Commissioner
CONSENT ORDER
Based on the findings of fact and conclusions of law above, it is ORDERED that:
1. Respondents shall immediately cease and desist from operating in such a manner as to violate Sections 1207(1), 2003(1), 2005(a), 2018, and 1239(1)(d), (e) and (h) of the Michigan Insurance Code, MCL 500.1207(1), 500.2003(1), 500.2005(a), 500.2018, and 500.1237(1)d, (e) and (h).
2. Respondent will provide a list by July 12, 2006 of all consumers from whom he has received funds and failed to apply as represented to consumers and have been compensated.
3. Respondent will also provide a list by July 12, 2006 of all consumers from whom he has received funds and failed to apply as represented to consumers and have not been compensated.
4. Respondent shall pay restitution in the amount of $45,000 to Doug and Paula Pankotia, $11,000 to Dan Brill, $6,000 to Trina Neal, and make full restitution to any and all additional clients known and unknown who have paid monies to Respondent which have not been appropriately remitted to an insurance company or returned to the client.
5. The license of Kirk G. Eddy is hereby REVOKED.
______________________________
Frances K. Wallace
Chief Deputy Commissioner
DEPARTMENT OF LABOR & ECONOMIC GROWTH
OFFICE OF FINANCIAL AND INSURANCE SERVICES
Before the Commissioner of Financial and Insurance Services
In the matter of:
Kirk G. Eddy Enforcement Case No. 06-4293
License No. 0061328
Respondent
________________________/
Issued and entered
on July 6, 2006
by Frances K. Wallace
Chief Deputy Commissioner
CONSENT ORDER
Based on the findings of fact and conclusions of law above, it is ORDERED that:
1. Respondents shall immediately cease and desist from operating in such a manner as to violate Sections 1207(1), 2003(1), 2005(a), 2018, and 1239(1)(d), (e) and (h) of the Michigan Insurance Code, MCL 500.1207(1), 500.2003(1), 500.2005(a), 500.2018, and 500.1237(1)d, (e) and (h).
2. Respondent will provide a list by July 12, 2006 of all consumers from whom he has received funds and failed to apply as represented to consumers and have been compensated.
3. Respondent will also provide a list by July 12, 2006 of all consumers from whom he has received funds and failed to apply as represented to consumers and have not been compensated.
4. Respondent shall pay restitution in the amount of $45,000 to Doug and Paula Pankotia, $11,000 to Dan Brill, $6,000 to Trina Neal, and make full restitution to any and all additional clients known and unknown who have paid monies to Respondent which have not been appropriately remitted to an insurance company or returned to the client.
5. The license of Kirk G. Eddy is hereby REVOKED.
______________________________
Frances K. Wallace
Chief Deputy Commissioner
US Fed News Service, Including US State News
OFFICE OF FINANCIAL AND INSURANCE SERVICES REVOKES INSURANCE LICENSE, SECURITIES REGISTRATION OF FLINT AGENT KIRK EDDY FOR...
Publication: US Fed News Service, Including US State News Date: Wednesday, July 12 2006
You are viewing page 1
The Michigan Department of Labor and Economic Growth issued the following news release:
The Office of Financial and Insurance Services (OFIS) has revoked the insurance license and securities registration of Flint agent Kirk Eddy, Commissioner Linda A. Watters today announced. Protecting Michigan's consumers from fraud continues to be a top priority for Gov. Jennifer Granholm and Commissioner
Kirk Eddy was alleged to have sold fictitious annuities, borrowed funds from insurance clients, issued unregistered promissory notes, and failed to repay the money borrowed.
OFIS also ordered Eddy to Cease and Desist from further violations of the Michigan Uniform Securities Act. Furthermore, he was ordered to pay restitution to former clients under the Michigan Insurance Code.
"I am pleased to report that we have shut Kirk Eddy down," Watters said. "However, we urge consumers to be on the lookout for this scam artist, as he may try to bilk other clients out of their hard-earned dollars using a different approach."
"Kirk Eddy used his position to borrow money from unsuspecting consumers and misrepresent investment opportunities," added Watters. "Through his own bad conduct, Mr. Eddy has not only lost his licensure, but earned the distrust of his fellow community members, who are well advised to use extreme caution before entrusting him with even one dollar of their hard-earned money."
On July 6, 2006, OFIS issued two Consent Orders revoking his insurance license and his securities registration and ordering restitution.
The two OFIS Final Decision Orders can be found at http://www.michigan.gov/cis/0,1607,7-154-10555_20594_20598-,00.html. Contact: Kathy Fagan, 517/335-1700.
Kathy Fagan, 517/335-1700.
Publication: US Fed News Service, Including US State News Date: Wednesday, July 12 2006
You are viewing page 1
The Michigan Department of Labor and Economic Growth issued the following news release:
The Office of Financial and Insurance Services (OFIS) has revoked the insurance license and securities registration of Flint agent Kirk Eddy, Commissioner Linda A. Watters today announced. Protecting Michigan's consumers from fraud continues to be a top priority for Gov. Jennifer Granholm and Commissioner
Kirk Eddy was alleged to have sold fictitious annuities, borrowed funds from insurance clients, issued unregistered promissory notes, and failed to repay the money borrowed.
OFIS also ordered Eddy to Cease and Desist from further violations of the Michigan Uniform Securities Act. Furthermore, he was ordered to pay restitution to former clients under the Michigan Insurance Code.
"I am pleased to report that we have shut Kirk Eddy down," Watters said. "However, we urge consumers to be on the lookout for this scam artist, as he may try to bilk other clients out of their hard-earned dollars using a different approach."
"Kirk Eddy used his position to borrow money from unsuspecting consumers and misrepresent investment opportunities," added Watters. "Through his own bad conduct, Mr. Eddy has not only lost his licensure, but earned the distrust of his fellow community members, who are well advised to use extreme caution before entrusting him with even one dollar of their hard-earned money."
On July 6, 2006, OFIS issued two Consent Orders revoking his insurance license and his securities registration and ordering restitution.
The two OFIS Final Decision Orders can be found at http://www.michigan.gov/cis/0,1607,7-154-10555_20594_20598-,00.html. Contact: Kathy Fagan, 517/335-1700.
Kathy Fagan, 517/335-1700.
Kirk Eddy License Revoked State of Michigan
STATE OF MICHIGAN
DEPARTMENT OF LABOR & ECONOMIC GROWTH
OFFICE OF FINANCIAL AND INSURANCE SERVICES
Before the Commissioner of Financial and Insurance Services
In the matter of:
Kirk G. Eddy Enforcement Case No. 06-4293
License No. 0061328
Respondent
________________________/
Issued and entered
on July 6, 2006
by Frances K. Wallace
Chief Deputy Commissioner
CONSENT ORDER
Based on the findings of fact and conclusions of law above, it is ORDERED that:
1. Respondents shall immediately cease and desist from operating in such a manner as to violate Sections 1207(1), 2003(1), 2005(a), 2018, and 1239(1)(d), (e) and (h) of the Michigan Insurance Code, MCL 500.1207(1), 500.2003(1), 500.2005(a), 500.2018, and 500.1237(1)d, (e) and (h).
2. Respondent will provide a list by July 12, 2006 of all consumers from whom he has received funds and failed to apply as represented to consumers and have been compensated.
3. Respondent will also provide a list by July 12, 2006 of all consumers from whom he has received funds and failed to apply as represented to consumers and have not been compensated.
4. Respondent shall pay restitution in the amount of $45,000 to Doug and Paula Pankotia, $11,000 to Dan Brill, $6,000 to Trina Neal, and make full restitution to any and all additional clients known and unknown who have paid monies to Respondent which have not been appropriately remitted to an insurance company or returned to the client.
5. The license of Kirk G. Eddy is hereby REVOKED.
______________________________
Frances K. Wallace
Chief Deputy Commissioner
DEPARTMENT OF LABOR & ECONOMIC GROWTH
OFFICE OF FINANCIAL AND INSURANCE SERVICES
Before the Commissioner of Financial and Insurance Services
In the matter of:
Kirk G. Eddy Enforcement Case No. 06-4293
License No. 0061328
Respondent
________________________/
Issued and entered
on July 6, 2006
by Frances K. Wallace
Chief Deputy Commissioner
CONSENT ORDER
Based on the findings of fact and conclusions of law above, it is ORDERED that:
1. Respondents shall immediately cease and desist from operating in such a manner as to violate Sections 1207(1), 2003(1), 2005(a), 2018, and 1239(1)(d), (e) and (h) of the Michigan Insurance Code, MCL 500.1207(1), 500.2003(1), 500.2005(a), 500.2018, and 500.1237(1)d, (e) and (h).
2. Respondent will provide a list by July 12, 2006 of all consumers from whom he has received funds and failed to apply as represented to consumers and have been compensated.
3. Respondent will also provide a list by July 12, 2006 of all consumers from whom he has received funds and failed to apply as represented to consumers and have not been compensated.
4. Respondent shall pay restitution in the amount of $45,000 to Doug and Paula Pankotia, $11,000 to Dan Brill, $6,000 to Trina Neal, and make full restitution to any and all additional clients known and unknown who have paid monies to Respondent which have not been appropriately remitted to an insurance company or returned to the client.
5. The license of Kirk G. Eddy is hereby REVOKED.
______________________________
Frances K. Wallace
Chief Deputy Commissioner
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