Complaint Review: LPI Financial Services Inc

LPI Partners sent a letter on October 14, 2014 to its investors demanding payment for managerial services for 2013-2014 for $840!!!! .  Say what?  There was NEVER any verbiage in the original documents regarding any right to impose future charges.  And it's even more infuriating that LPI is trying to bill in arrears for services I didn't even know I was getting.  LPI served as the agent to enable purchases of portions of a life insurance policy of an individual who was not expected to live more than 6-24 months.  That was 14+ years ago.  I'm happy to report the individual is still alive, but LPI has been nickel and diming its investors for hidden costs that were never mentioned in the contract.  In fact, paragraph 3.01 of the Policy Funding Agreement states:

"LPI'S fees for all services provided in the performance of its duties shall be complete and inclusive in the policy purchase deposit and the PURCHASER will not incur costs of any type beyond the amount tendered as the policy purchase deposit."  It further states, "After purchase, LPI shall have no further specific duties to Purchaser, but LPI shall use its best efforts to assist Purchaser, if requested, in any way possible."

So how can LPI bill me for a service I never requested?  A second 3-page letter was sent by LPI thirteen days later as, I'm sure, their investors replied with disbelief and disgust at this hidden charge.  I'm so glad I'm not alone in my anger at this company for trying to bill its investors just because it has had extravagant legal fees in the last two years due to lawsuits, etc.  If you read articles on the Internet about this company, one can conclude LPI might be getting ready to go bankrupt and this is its last-ditch effort at staying afloat.

I wrote a letter in response to the 2 letters asking for more information and better service. I never received any response.

I, for one, do not plan on sending this company one more penny.  I've been paying thousands to pay for the life insurance premiums.  By the way, this also was never mentioned orally or in the contract that we would incur out of pocket costs for insurance premiums if this scenario was to develop, but if anything the premiums would be paid upon maturity. 

We were misrepresented and I refuse to participate in their extortion.

Please feel free to share any info or experiences regarding this LPI madness.  Thank you.