Most audacious advisor scam in years

by Nicolas Heffernan17 Apr 2015
Riadh Zora, an Assyrian immigrant, with a wife and three children was fleeced by advisors from Combined Insurance, an insurance company operating in Australia since 1959 but bought out by player ACE in 2008.

Zora and his wife suffered with chronic and debilitating illness over the last several years, but when he made that clear to the advisors their response was shocking.

The two agents, he told investigators, reacted by leaning forward and whispering, “Shhhhh.”

"He said, 'Don't worry about mentioning that. Leave it to us. We will make it all OK,’" said Zora.

The advisors filed the documents to purchase sickness policies on behalf of him and his wife, but allegedly failed to disclose his medical history to the insurer.

When Zora later attempted to make a claim when his wife fell ill, he was denied. 

"I bought the insurance for peace of mind, to help look after my kids," Zora said to the Sydney Morning Herald.

Zora is still furious he was scammed and wasn’t aware the advisors were working on commission so wouldn’t get paid unless they sold him a policy.

Alarmingly, Zora is but a drop in the bucket.

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