I tried to withdraw 7 or 8 thousand dollars that Joan still had invested in Zahoric's Financial in Pasedena and discovered that it no longer existed. Zahoric had invested it with an outfit called Transamerica. An outfit that I was unfamiliar with. When I called Lance, the fellow I aways talked to at Zahoric's, he never mentioned Transamerica to me because frankly I wasn't interested; I invested our two tax-shelters with Zahoric and I trusted them. I met Charles Zahoric in 1985 when I was with a group of California Teachers people who were visiting many insurance
companies wanting to be endorsed by California Teachers Assoc. to endorse them. Most of them were out-and-out crooks. They took us to lavish boardrooms with expensive Persian rugs on the floorand wore heavy gold chains around their necks. They were obviously dishonest until we me Charles Zahoric. I was the one of our group that had most influence hence CTA didn’t endorse anyone.
When Joan turned 70 Tansamerica said that they sent us a letter asking whether we wanted to cash in the $7758.00 we had or would prefer converting to annuity. We never received that letter so they converted it to an annuity without getting an answer. Does that sound somehow convenient for them? They converted $7758.00 that pay $56.55 a month for life.
I calculate that as being a return of $6786.00 over ten years. That is $976 less than we paid for it. Not too bad a deal, right?
After Transamerica converted the investment into an annuity they proceeded to mail Joan a check every month which she never cashed because she never received them. Somehow that fact didn’t surprise Transamerica because they evidently do anything to straighten the matter out. When I was urged by Lance to call them and explain the situation they practically told me that was sad, but too bsd because once they convert the money to an annuity they never go back. They said I had signed a contract
in 1985 (32 years ago) and they can do what they want.
The reason I am telling you all of this is that I intend to appeal to the Insurance Department of California. I need to gather more data quickly. What year do remember that Joan had her mastectomia done? I can’t remember whether that was still a problem for us in May of 1914. I know that her policy
number with Zahoric was different than the number used by Transamerica. There is no reason that checks they say they sent were not cashed or questioned. Nor is there any reason I could see for Transamerica to convert $7758 to an annuity that only pays $56.55 a month. Neither of us would have chosen that option: we wouldn’t live long enough to use the money.
We were going to pay off our home-equity loan
with it. Now the annuity won’t pay off the interest on the loan.