BOISE, ID – The insurance producer license of Daniel Van Patten, the host of
Safe Money Radio Show and President of Assure Financial Service, was revoked effective July
27, 2021, after committing several violations including making financial advisements without
obtaining proper licensing.
Licensed insurance producers, often referred to as “insurance agents,” are permitted to sell
fixed annuities, but not variable annuities. Unlike fixed annuities, which offer specified and
definite benefits, variable annuity payments vary based on the performance of its investment
policy. Because of this, variable annuities are classified as securities, the sale of which require
demonstrating knowledge through passing certain exams, and then obtaining proper
licensing through the DOI and the Financial Industry Regulatory Authority (FINRA). Van
Patten never received the required licensing to become an investment or financial advisor.
Though Van Patten was licensed as an insurance producer, Van Patten referred to himself as
an “advisor.” In a letter dated March 8, 2017, the Idaho Department of Finance informed Van
Patten that it is unlawful for a person to transact business in Idaho as an investment adviser
unless the person is properly licensed. In spite of the warning, Van Patten continued to
advise his clients on variable annuities and other investments which he was not licensed to
sell.
In one circumstance, Van Patten’s unlicensed advisement caused a client significant financial
harm. After investigating a complaint from the client, the DOI found that Van Patten had sold
the client an annuity that was unsuitable, which potentially lost the client tens of thousands
in benefits.
Van Patten also committed several other violations, including failing to inform the DOI after
he was charged with unlawful entry in Canyon County.
As a result of the violations, Van Patten’s Idaho Resident Producer License has been revoked,
and the lapsed license of his company, Assure Financial, has also been revoked. As part of a
stipulated agreement Van Patten agreed to pay administrative penalties totaling $3,000.
“When agents don’t play by the rules, no one wins,” said DOI Director Dean Cameron. “The
DOI is always working hard to make sure Idahoans are protected.”
The full order from the DOI can be read on their website.
Source: Idaho Department of Insurance
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