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Is There a World Financial Group Scam?
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World Financial Group offers variable life insurance, annuities, mutual funds, and other financial products. World Financial Group has incurred penalties and fines from the National Association of Securities Dealers, or NASD, for misrepresentation and misconduct.
The WFG uses multi level marketing, sometimes referred to as the “pyramid scheme”, which requires participants to recruit new members and pay their superiors a percentage of the sales they make. Critics claim that the business practices of this company amount to a MLM scam.
Some former WFG employees claim that Agents are encouraged to lie to prospective customers about their qualifications and experience. Others allege that the company has illegally and intentionally failed to report up to 900 complaints of misrepresentation from its customers. Additionally, the quality of their goods and services is very much up for debate.
There are lots of red flags concerning the World Financial Group. We recommend avoiding them altogether. |
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