‘RHOC’ Star Vicki Gunvalson Accused of Financial Elder Abuse and ‘Fraudulent Sales Tactics’ in New Lawsuit Filed by 74-Year-Old Client
Vicki Gunvalson was sued by Diane Field, 74.
July 30 2024, Published 8:51 p.m. ET
The Real Housewives of Orange County star Vicki Gunvalson has been sued for financial elder abuse.
RadarOnline.com can reveal Vicki, 62, was named in the lawsuit – along with her business partner, Coto Insurance & Financial Services and Allianz Life Insurance Company – filed by Diane Field, 74, who alleged she'd been the victim of "fraudulent sales tactics" when she was convinced to work with the Bravolebrity.
Vicki Gunvalson is known for her appearances on 'The Real Housewives of Orange County.'
In the lawsuit, Field claimed she and her late husband, George, had made the decision to invest 90 percent of their net worth in stocks with a specific firm in Orange County, California, for more than 20 years.
Their respective careers allowed them to live off of their salaries and so their net worth continued to grow over two decades. However, after her husband suffered a bicycle accident in 2002, she took control of their investments – roughly $6 million.
Years later, Diane claimed she met the Housewives personality – who works in insurance and financial services – through a friend, who scheduled an appointment with her to discuss investments.
Although Vicki eventually chose not to work with the client due to their lack of funds to invest, the RHOC star allegedly told Diane that she should talk with 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 lower the taxes she had been paying."
Vicki Gunvalson works in insurance and financial services.
Diane later met with both Vicki and Ali to discuss her financial options. Unfortunately, that came around a difficult time for the 74-year-old, who said her husband's health took a "deep dive."
The lawsuit read: “Looking back, Diane thinks the anguish and trauma she was enduring at this time contributed to her letting herself put her trust in [Vicki] and [Ali] as they seemed so sincere and appeared to be working for Diane’s best interest.”
Diane alleged Vicki "kept reassuring her how safe this Allianz 222 Annuity was and also kept mentioning that her income taxes would go down if she invested in this annuity and that her kids would be well-suited after she passed away."
"[Vicki] was very convincing, and Diane felt that she could trust her."
She said she was talked into moving her stock funds to a firm managed by Ali at Fidelity Investments. She further alleged she was convinced to take out a life insurance policy that she had no idea cost $300,00 per year, instead insisting she'd been under the impression it was a one-time payment.
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Vicki Gunvalson was accused of using 'fraudulent sales tactics' with Diane Field.
Diane accused the reality television personality of "fraudulent sales tactics" and claimed "her promises that this annuity would help lower her income taxes" convinced her to transfer money to the Allianz 222 Indexed Annuity.
Things allegedly only became more difficult for Diane. She stated per legal documents that her husband, George, died in October 2021. At some point that year, she said she was talked into putting even more money in the annuity.
In 2022, Diane suffered health problems herself and underwent surgery due to lung cancer.
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Vicki Gunvalson was also accused of fraud connected with a life insurance policy in 2018.
After discussing the pricey payments, Diane and Vicki ended up modifying her life insurance plan, and in April 2023, she paid a $100,000 premium for it.
The legal filing claimed: “As of approximately April 10, 2024, the accumulation value of Diane’s Allianz life insurance policy (Policy No. xxxx4073) was $661,816.74, cash surrender value was $387,497.96 and the death benefit of $3,539,077.00. The listed agents are still both [Vicki] and [Ali]. The total premium Diane has paid on this policy as of April 10, 2024, was $1,000,000.”
“As of approximately April 10, 2024, the value of Diane’s Allianz 222 IRA annuity (Policy No. xxxx1487) was $750,506.21.”
Diane said Vicki “repeatedly contacted" her in March and April of 2024 to shell out another $100,00 premium payment allegedly owed to Allianz for her life insurance. However, when she spoke with Allianz about the issue, a representative stated she still had over $600,000 in the account and she did not need to send any payments.
The 74-year-old is requesting unspecified damages to be paid to her.
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