I just found this and am providing it for information purposes only. I am NOT making any accusations.
"Annuity Twisting and Churning
Life insurance and annuity agents may deceive clients, convincing them to surrender their contracts and reinvest in instruments where the agent is the main party benefiting. These practices are known as twisting and churning. Many states have laws that specifically prohibit these transactions.
With annuity “twisting,” agents encourage investors to exchange an annuity from one company for an investment from another company. However, subsequent annuity investments are usually worth less than the initial investments, and annuity surrenders often result in costly penalties. Agents pushing the new policy then walk away with a large commission.
Annuity “churning” occurs when dishonest insurance agents convince annuity owners to trade annuity contracts for other ones from the same company. Clients may owe additional premiums or lose value on the policies previously owned. While the consumers usually come out in a losing position, the agents pad their pockets with sales commissions.
“Twisting” and “churning” are fraudulent activities, but exchanging an old annuity for a new one isn’t always a bad idea. That said, a good insurance agent or financial professional will always make sure an exchange is beneficial to an annuitant."
From:
Annuity Scams: Fraudulent Schemes & Illegal Practices