Dr. Craig Ponder is a scanner. I was referred to him about 2 years ago as I was planning my retirement. He has a plush office and the majority of his staff is his Family, wife and sons. I put my trust in him thinking he would set me up for monthly income as well as the long term. I paid him for his service which included credit repair as well as investing about $500K. The plans that he used were both Life Insurance policies, one was $250K and the same with the second one which is a Fractured Settlement policy which I cannot touch. I feel that he only looked out for himself. I bought a home during this time and he out me in touch with a loan officer in San Diego , whom I never met, and this person wanted me go put down $96K as a down payment on my home, Dr. Ponders agent. After checking another Loan company my down payment was $50K. I feel completely taken advantage of by Dr. Ponder and feel he needs to be investigated. My main goal at this point is to be able to retrieve my $250K from the Fractured Settlement policy so that I can reinvest to a interest earning account. As it stands today I can't touch this money which I need. I need legal help to get my money back and to put on notice that Dr. Craig Ponder is and does not do what he says he will do for you.
I cannot agree more with the previous review of September 5, 2017. I entrusted him with making sound financial decisions for me with a large portion of my life savings, but I soon found out he is not all that knowledgeable about financial investments as they pertain to avoiding taxable events, or, the correct process in moving funds from one institution to another. It was I who informed him after the fact that he should have utilized IRS Form 1035 when transferring funds from one insurance carrier's annuity to another insurance carrier's annuity, and not just cash in one annuity and turn around and write a check for a new one. He prompted me through his sales pitch presentation toward a Life Settlement investment without mentioning at all about the risks involved, including the possibility of a policyholder living beyond their life expectancy and the possibility of the reserves running low enough to require me to issue additional premium amounts for that policy. Similar to the previous review, it would seem Mr. Ponder does not act in a manner consistent with fiduciary responsibilities expected of him, and only seeming to look out for himself with practices beneficial to himself. These might include commissions from insurance products sold to clients, kickbacks from associates in which clients were referred to, or future involvement into a client's retirement planning structure. After attempting to recover my funds from the new annuity insurance carriers myself, so as to start the process over with the idea of following strict IRS protocol, he only offered options which were not feasible at all and closing the door to any possible rerouting of erroneous expedited funds. Once I was able to solve the issues at hand with all parties involved, he refused to cooperate with a simple "Letter of Indemnity' to absolve any miscommunication that had taken place earlier with one new insurance carrier. As was stated in the previous review, I feel Mr. Ponder should really be investigated as to his financial practices and hidden motives. Beyond that, I am planning on taking a more legal action against his office to be compensated for all his mistaken advice and ill-fated missteps.
I cannot agree more with the previous review of September 5, 2017. I entrusted him with making sound financial decisions for me with a large portion of my life savings, but I soon found out he is not all that knowledgeable about financial investments as they pertain to avoiding taxable events, or, the correct process in moving funds from one institution to another. It was I who informed him after the fact that he should have utilized IRS Form 1035 when transferring funds from one insurance carrier's annuity to another insurance carrier's annuity, and not just cash in one annuity and turn around and write a check for a new one. He prompted me through his sales pitch presentation toward a Life Settlement investment without mentioning at all about the risks involved, including the possibility of a policyholder living beyond their life expectancy and the possibility of the reserves running low enough to require me to issue additional premium amounts for that policy. Similar to the previous review, it would seem Mr. Ponder does not act in a manner consistent with fiduciary responsibilities expected of him, and only seeming to look out for himself with practices beneficial to himself. These might include commissions from insurance products sold to clients, kickbacks from associates in which clients were referred to, or future involvement into a client's retirement planning structure. After attempting to recover my funds from the new annuity insurance carriers myself, so as to start the process over with the idea of following strict IRS protocol, he only offered options which were not feasible at all and closing the door to any possible rerouting of erroneous expedited funds. Once I was able to solve the issues at hand with all parties involved, he refused to cooperate with a simple "Letter of Indemnity' to absolve any miscommunication that had taken place earlier with one new insurance carrier. As was stated in the previous review, I feel Mr. Ponder should really be investigated as to his financial practices and hidden motives. Beyond that, I am planning on taking a more legal action against his office to be compensated for all his mistaken advice and ill-fated missteps.
Open Letter regarding this attempt to defame me and my Firm.
First, it IS NOT fair for someone to be able to just post something, without a being able to dispute their claim, before making it public, but the internet, is not designed to be fair, so please read my reply.
I have done nothing wrong, this is a simple attempt to try and blackmail me into doing something "Letter of Indemnity" that I have no capacity or legal obligation do to.
It is unfortunate that Mr. Josephson, has stooped to this level.
Please read my original response letters regarding this matter and make your on decision as to the merit of this bogus compliant.
Thank you,
Dr. Craig A. Ponder Sr.
May 16, 2019
RE: Your Contract (annuity)
Dear Mr. Josephson,
First of all, you signed a contract not with me or my company, but a contract with Delaware Life.
You fully understood and agreed with the terms of that contract when you signed your delivery receipt and accepted the contract and the terms of the contract on February 27th, 2019. (see attached)
By law, you had a Free 30-Day Look Period which I explain in great detail and if you didn’t like the terms of the contract or you simply changed your mind about the contract, that would have been the time and your right to cancel the policy and receive a full refund, but you chose not to!
Now the concerns, comments, questions, ideologies, complaints, accusations after the fact (Free 30-Day Look Period) is what you should have addressed during your Free 30-Day Look Period.
You now own the contract (annuity) and if after the 1-year period when your policy becomes liquid, it is your choice or chance to do as you please.
Regarding concerns on capital gains taxes, you must contact your CPA, as I cannot give you tax advice, now with that being said, in the 2 or 3 years that I have met with you, you have never one-time mentioned anything to me regarding capital gains taxes.
If you would like to discuss your contract (annuity), contact Delaware Life directly at 877-253-2323.
Because of your unwarranted threats, accusations and unprofessionalism, toward me, please do not contact me again directly, but send any future correspondence directly to my Attorney, I have contacted Delaware Life asking to remove me the Broker of Records.
Attorney William E. Stoner
STONER | GRANNIS LLP
One Wilshire Building
624 South Grand Avenue
Suite 2200
Los Angeles, CA 90017
I wish you the best.
Respectfully,
Dr. Craig A. Ponder Sr.
June 18, 2019
From: Dr. Craig A. Ponder / Ponder Financial & Retirement Firm, Inc.
RE: Stephen Josephson
To Whom It May Concern,
Please be advised that this is a bogus complaint and needs to be immediately withdrawn.
First, Mr. Josephson, did not entrust me with his life savings. He has close to $1 million in investments and assets, he came to me with a $130,000 to invest for him, which represents about 10% of his investments.
I am not sure why he is mentioning Life Settlements, because I refused to sale them to him as I informed him, I didn’t think it was the right choice for him, which is what a fiduciary does.
Mr. Josephson’s “Desired Settlement” is that I provide him with some type of “Letter of Indemnity”, which he has already been informed according to my attorney, I have no authorization or legal obligation to provide, (See Attachment #2). To demand this as a settlement, is an extortion to force me to do something outside of my legal capacity, which is enough reason to immediately withdraw this bogus complaint!
Just an FYI, after 1-year Mr. Josephson, cancel his Annuity Contract according to the terms that he agreed and signed for.
I have no idea what he is referring to about kickbacks, because I am paid a commission directly from the carrier, I NEVER referred him to any associates.
When he mentioned his tax problems, I did inform him, because of the new 2018 Tax Cuts & Jobs Act, that he might want to consider hiring an expert and I do work with a nationwide Firm, but I never referred him.
Mr. Josephson purchased this annuity in February 2019, he was completely satisfied with the purchase, in California he is offered a Free 30-Day look period, to cancel and change his mind and on February 27, 2019 he signed the delivery receipt accepting the Annuity Contract with all of its terms. (See Attachment #1)
In fact, he was so satisfied that in April 2019, he then brought back another $200,000 to invest.
This is where the problems started.
After the new investment of $200,000 was approved, Mr. Josephson then begin to ask me about taxes, I informed him that he would need to speak with his CPA.
Also keep in mind that Mr. Josephson, has been coming back and forth to my office since 2016, wanting me to work with him.
When he came out again in September 2018, I informed him his money would have to be liquid and in his checking account, if there were any tax issues or concerns, he never mentioned them from 2016 to 2019.
Because he kept complaining about taxes on the $200,000 I told him that he was within his Free 30-Day look period, and he could cancel and that is what he did.
The $130,000 Annuity had nothing to do, with the $200,000 Annuity, so I was shocked that he asked for that money back.
Mr. Josephson, is a sophisticated investor, professional gambler and he does his own taxes, and has purchased many annuities and other investments throughout his lifetime, so he fully understood and I also educated and explained to him, as I do with every client about their Free 30-Day look period, it is to protect them from being sold something they don’t want or need, or if they want to change their mind and are entitled to a full refund.
Because he kept sending me threating emails and then he demanded that I provide him with some type of “Letter of Indemnity” which according to my attorney, I have no authorization or legal obligation to provide, especially after his Free 30-Day look period, I responded by email and direct mail (See Attachment #2).
Again, Mr. Josephson, signed a binding contract with the Insurance Company and not with me or with Ponder Financial & Retirement Firm, Inc.
This bogus compliant, is an attempt to intentionally damage my name, brand and reputation and I have done nothing wrong.
Again, I ask that the BBB, to immediately withdraw this complaint and or rule in my favor.
Ponder Financial & Retirement Firm,Inc Reviews
Dr. Craig Ponder is a scanner. I was referred to him about 2 years ago as I was planning my retirement. He has a plush office and the majority of his staff is his Family, wife and sons. I put my trust in him thinking he would set me up for monthly income as well as the long term. I paid him for his service which included credit repair as well as investing about $500K. The plans that he used were both Life Insurance policies, one was $250K and the same with the second one which is a Fractured Settlement policy which I cannot touch. I feel that he only looked out for himself. I bought a home during this time and he out me in touch with a loan officer in San Diego , whom I never met, and this person wanted me go put down $96K as a down payment on my home, Dr. Ponders agent. After checking another Loan company my down payment was $50K. I feel completely taken advantage of by Dr. Ponder and feel he needs to be investigated. My main goal at this point is to be able to retrieve my $250K from the Fractured Settlement policy so that I can reinvest to a interest earning account. As it stands today I can't touch this money which I need. I need legal help to get my money back and to put on notice that Dr. Craig Ponder is and does not do what he says he will do for you.
Scanner? Maybe. Scammer! For Sure.
I cannot agree more with the previous review of September 5, 2017. I entrusted him with making sound financial decisions for me with a large portion of my life savings, but I soon found out he is not all that knowledgeable about financial investments as they pertain to avoiding taxable events, or, the correct process in moving funds from one institution to another. It was I who informed him after the fact that he should have utilized IRS Form 1035 when transferring funds from one insurance carrier's annuity to another insurance carrier's annuity, and not just cash in one annuity and turn around and write a check for a new one. He prompted me through his sales pitch presentation toward a Life Settlement investment without mentioning at all about the risks involved, including the possibility of a policyholder living beyond their life expectancy and the possibility of the reserves running low enough to require me to issue additional premium amounts for that policy. Similar to the previous review, it would seem Mr. Ponder does not act in a manner consistent with fiduciary responsibilities expected of him, and only seeming to look out for himself with practices beneficial to himself. These might include commissions from insurance products sold to clients, kickbacks from associates in which clients were referred to, or future involvement into a client's retirement planning structure. After attempting to recover my funds from the new annuity insurance carriers myself, so as to start the process over with the idea of following strict IRS protocol, he only offered options which were not feasible at all and closing the door to any possible rerouting of erroneous expedited funds. Once I was able to solve the issues at hand with all parties involved, he refused to cooperate with a simple "Letter of Indemnity' to absolve any miscommunication that had taken place earlier with one new insurance carrier. As was stated in the previous review, I feel Mr. Ponder should really be investigated as to his financial practices and hidden motives. Beyond that, I am planning on taking a more legal action against his office to be compensated for all his mistaken advice and ill-fated missteps.
Scanner? Maybe. Scammer! Definitely.
I cannot agree more with the previous review of September 5, 2017. I entrusted him with making sound financial decisions for me with a large portion of my life savings, but I soon found out he is not all that knowledgeable about financial investments as they pertain to avoiding taxable events, or, the correct process in moving funds from one institution to another. It was I who informed him after the fact that he should have utilized IRS Form 1035 when transferring funds from one insurance carrier's annuity to another insurance carrier's annuity, and not just cash in one annuity and turn around and write a check for a new one. He prompted me through his sales pitch presentation toward a Life Settlement investment without mentioning at all about the risks involved, including the possibility of a policyholder living beyond their life expectancy and the possibility of the reserves running low enough to require me to issue additional premium amounts for that policy. Similar to the previous review, it would seem Mr. Ponder does not act in a manner consistent with fiduciary responsibilities expected of him, and only seeming to look out for himself with practices beneficial to himself. These might include commissions from insurance products sold to clients, kickbacks from associates in which clients were referred to, or future involvement into a client's retirement planning structure. After attempting to recover my funds from the new annuity insurance carriers myself, so as to start the process over with the idea of following strict IRS protocol, he only offered options which were not feasible at all and closing the door to any possible rerouting of erroneous expedited funds. Once I was able to solve the issues at hand with all parties involved, he refused to cooperate with a simple "Letter of Indemnity' to absolve any miscommunication that had taken place earlier with one new insurance carrier. As was stated in the previous review, I feel Mr. Ponder should really be investigated as to his financial practices and hidden motives. Beyond that, I am planning on taking a more legal action against his office to be compensated for all his mistaken advice and ill-fated missteps.
May 14, May 22 SCANNER
Open Letter regarding this attempt to defame me and my Firm.
First, it IS NOT fair for someone to be able to just post something, without a being able to dispute their claim, before making it public, but the internet, is not designed to be fair, so please read my reply.
I have done nothing wrong, this is a simple attempt to try and blackmail me into doing something "Letter of Indemnity" that I have no capacity or legal obligation do to.
It is unfortunate that Mr. Josephson, has stooped to this level.
Please read my original response letters regarding this matter and make your on decision as to the merit of this bogus compliant.
Thank you,
Dr. Craig A. Ponder Sr.
May 16, 2019
RE: Your Contract (annuity)
Dear Mr. Josephson,
First of all, you signed a contract not with me or my company, but a contract with Delaware Life.
You fully understood and agreed with the terms of that contract when you signed your delivery receipt and accepted the contract and the terms of the contract on February 27th, 2019. (see attached)
By law, you had a Free 30-Day Look Period which I explain in great detail and if you didn’t like the terms of the contract or you simply changed your mind about the contract, that would have been the time and your right to cancel the policy and receive a full refund, but you chose not to!
Now the concerns, comments, questions, ideologies, complaints, accusations after the fact (Free 30-Day Look Period) is what you should have addressed during your Free 30-Day Look Period.
You now own the contract (annuity) and if after the 1-year period when your policy becomes liquid, it is your choice or chance to do as you please.
Regarding concerns on capital gains taxes, you must contact your CPA, as I cannot give you tax advice, now with that being said, in the 2 or 3 years that I have met with you, you have never one-time mentioned anything to me regarding capital gains taxes.
If you would like to discuss your contract (annuity), contact Delaware Life directly at 877-253-2323.
Because of your unwarranted threats, accusations and unprofessionalism, toward me, please do not contact me again directly, but send any future correspondence directly to my Attorney, I have contacted Delaware Life asking to remove me the Broker of Records.
Attorney William E. Stoner
STONER | GRANNIS LLP
One Wilshire Building
624 South Grand Avenue
Suite 2200
Los Angeles, CA 90017
I wish you the best.
Respectfully,
Dr. Craig A. Ponder Sr.
June 18, 2019
From: Dr. Craig A. Ponder / Ponder Financial & Retirement Firm, Inc.
RE: Stephen Josephson
To Whom It May Concern,
Please be advised that this is a bogus complaint and needs to be immediately withdrawn.
First, Mr. Josephson, did not entrust me with his life savings. He has close to $1 million in investments and assets, he came to me with a $130,000 to invest for him, which represents about 10% of his investments.
I am not sure why he is mentioning Life Settlements, because I refused to sale them to him as I informed him, I didn’t think it was the right choice for him, which is what a fiduciary does.
Mr. Josephson’s “Desired Settlement” is that I provide him with some type of “Letter of Indemnity”, which he has already been informed according to my attorney, I have no authorization or legal obligation to provide, (See Attachment #2). To demand this as a settlement, is an extortion to force me to do something outside of my legal capacity, which is enough reason to immediately withdraw this bogus complaint!
Just an FYI, after 1-year Mr. Josephson, cancel his Annuity Contract according to the terms that he agreed and signed for.
I have no idea what he is referring to about kickbacks, because I am paid a commission directly from the carrier, I NEVER referred him to any associates.
When he mentioned his tax problems, I did inform him, because of the new 2018 Tax Cuts & Jobs Act, that he might want to consider hiring an expert and I do work with a nationwide Firm, but I never referred him.
Mr. Josephson purchased this annuity in February 2019, he was completely satisfied with the purchase, in California he is offered a Free 30-Day look period, to cancel and change his mind and on February 27, 2019 he signed the delivery receipt accepting the Annuity Contract with all of its terms. (See Attachment #1)
In fact, he was so satisfied that in April 2019, he then brought back another $200,000 to invest.
This is where the problems started.
After the new investment of $200,000 was approved, Mr. Josephson then begin to ask me about taxes, I informed him that he would need to speak with his CPA.
Also keep in mind that Mr. Josephson, has been coming back and forth to my office since 2016, wanting me to work with him.
When he came out again in September 2018, I informed him his money would have to be liquid and in his checking account, if there were any tax issues or concerns, he never mentioned them from 2016 to 2019.
Because he kept complaining about taxes on the $200,000 I told him that he was within his Free 30-Day look period, and he could cancel and that is what he did.
The $130,000 Annuity had nothing to do, with the $200,000 Annuity, so I was shocked that he asked for that money back.
Mr. Josephson, is a sophisticated investor, professional gambler and he does his own taxes, and has purchased many annuities and other investments throughout his lifetime, so he fully understood and I also educated and explained to him, as I do with every client about their Free 30-Day look period, it is to protect them from being sold something they don’t want or need, or if they want to change their mind and are entitled to a full refund.
Because he kept sending me threating emails and then he demanded that I provide him with some type of “Letter of Indemnity” which according to my attorney, I have no authorization or legal obligation to provide, especially after his Free 30-Day look period, I responded by email and direct mail (See Attachment #2).
Again, Mr. Josephson, signed a binding contract with the Insurance Company and not with me or with Ponder Financial & Retirement Firm, Inc.
This bogus compliant, is an attempt to intentionally damage my name, brand and reputation and I have done nothing wrong.
Again, I ask that the BBB, to immediately withdraw this complaint and or rule in my favor.
Respectfully,
Dr. Craig A. Ponder Sr.