Friday, May 1, 2015

A Tale of Two "Tom Jones Insurances?"

First, Ronnie Powell of Tom Jones Insurance & Financial Services issued this statement today:

“Only to say that we (I) don't put ourselves out to be a Dealer, Investment Adviser or an Investment Advisor Representative in our practice. We (I) don't sell Securities, never have. We (I) don't hold those licenses. Never have. That's not a part of our market. We are strictly Life Insurance and fixed (Indexed) Annuity Company. Unfortunate that this issue came up but it has been resolved. In fact, I am friends with the complainant in this matter and I still do work with (for) him and manage some of his Insurance products.”


A reader asked if criminal charges are forthcoming. It's quite possible. At least two investors with this particular company have filed complaints with the Alabama Securities Commission. The order banning Powell from business in this state mentions that it does not preclude filing criminal charges.


It seems that in 2005, Tom Jones Insurance Agency split or had a spin-off; we're not sure which term is more correct. Tom Jones Insurance Agency remains in business and in good standing. Only Tom Jones Insurance & Financial Services is banned from business in this state.

Apparently Google also has the two confused:

How will these legal wranglings affect the Tom Jones Insurance Agency? We suspect not favorably. We have in the past suggested individuals check out their online profiles to be sure all is correct. Now here's a case of incorrect info related to a business. We will assume the Tom Jones Insurance Agency doesn't want to change its name. Perhaps it can hire Hibbett Patient Care's Tulsa PR firm?


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