Mitchell Brian Storfer, 49, has been stripped of his insurance licenses for participating in an annuity scheme that generated more than $100,000 in commissions for him and his agency, Seniors Financial International, Inc., of Vero Beach. The announcement came today from the office of CFO Alex Sink.

A release from Sink's office stated that in August 2007 Storfer convinced an elderly Vero Beach couple to replace some of their investments with two equity indexed annuities after they attended one of his free seminars. When the couple decided that the numbers didn't add up, they told Storfer not to process the application. Instead of complying, he withdrew thousands from their account. Storfer also convinced at least two other seniors to surrender or transfer existing annuities, generating more than $102,000 in commissions, according to investigators.

On March 4, 2009, the Department of Financial Services filed a three-count administrative complaint against Storfer, charging misrepresentation, senior suitability, twisting, and fraudulent and deceptive practices regarding the sale of annuities. Storfer requested a hearing to contest the complaint. An administrative law judge with the Division of Administrative Hearings recommended the revocation of Storfer's licenses.