Connect with us

Entertainment

Vicki Gunvalson accused of parental financial abuse in new lawsuit

Avatar

Published

on

Vicki Gunvalson accused of parental financial abuse in new lawsuit

The Real Housewives of Orange County star Vicki Gunvalson has been charged with financial elder abuse.

RadarOnline.com can reveal that Vicki, 62, was named in the lawsuit – along with her business partner, Coto Insurance & Financial Services and Allianz Life Insurance Company – brought by Diane Field, 74, who claimed she had been the victim of ‘fraudulent sales techniques’ when she was convinced to work with Bravolebrity.

In the lawsuit, Field alleged that she and her late husband, George, made the decision to invest 90 percent of their wealth in stocks at a specific company in Orange County, California, for more than two decades.

Their respective careers allowed them to live off their salaries, allowing their wealth to continue to grow for twenty years. However, after her husband had a bicycle accident in 2002, she took control of their investments – approximately $6 million.

Years later, Diane claimed that she had the housewives personality – who works in insurance and financial services – through a friend, who had scheduled an appointment with her to discuss investments.

Although Vicki ultimately chose not to work with the client due to their lack of money to invest, RHOC The star reportedly told Diane to talk to her partner Ali, claiming: ‘He had the expertise in the stock market and that together they could put her in a safer, diversified plan that would also help cover the taxes she had paid to lower. “

Diane later met with both Vicki and Ali to discuss her financial options. Unfortunately, that was a difficult time for the 74-year-old, who said her husband’s health had taken a “deep dive.”

The lawsuit said: “Looking back, Diane believes the fear and trauma she was experiencing at the time contributed to her placing her trust in her. [Vicki] And [Ali] because they seemed so sincere and working in Diane’s best interest.

Diane claimed that Vicki “continued to reassure her how safe this Allianz 222 annuity was and also continued to mention that her income taxes would decrease if she invested in this annuity and that her children would be well suited after she passed away.”

“[Vicki] was very convincing, and Diane felt she could trust her.”

She said she was persuaded to transfer her stock funds to a company managed by Ali at Fidelity Investments. She further claimed that she had been convinced to take out a life insurance policy that she had no idea cost $300.00 per year, but insisted that she had been under the impression that it was a one-time payment.

Diane accused the reality TV personality of “fraudulent sales tactics” and claimed that “her promises that this annuity would help lower her income taxes” convinced her to transfer money to the Allianz 222 Indexed Annuity.

It would have only become more difficult for Diane. She stated that her husband, George, died in October 2021, according to legal documents. At some point that year, she said she was persuaded to put even more money into the annuity.

In 2022, Diane suffered health problems of her own and underwent surgery for lung cancer.

Never miss a story – sign up for the RadarOnline.com Newsletter to get your daily dose of drugs. Daily. Break. Celebrity News. All free.

After discussing the expensive payments, Diane and Vicki ultimately adjusted her life insurance plan, and in April 2023 she paid a $100,000 premium on it.

The legal filing alleged: “As of approximately April 10, 2024, the accumulation value of Diane’s Allianz life insurance policy (policy no. The agents mentioned are still both [Vicki] And [Ali]. The total premium paid by Diane for this policy on April 10, 2024 was $1,000,000.”

“As of approximately April 10, 2024, the value of Diane’s Allianz 222 IRA Annuity (Policy #xxxx1487) was $750,506.21.”

Diane said Vicki “contacted her repeatedly” in March and April 2024 to pay another $100.00 premium allegedly owed to Allianz for her life insurance policy. However, when she spoke to Allianz about the matter, a representative stated that she still had more than $600,000 in the account and she did not have to make any payments.

The 74-year-old is demanding that she be paid unspecified damages.