‘RHOC’ Vicki Gunvalson Sued For Financial Elder Abuse & More

RHOC OG Vicki Gunvalson has been sued for financial elder abuse as well as fraud. She has long been running her own life insurance company, COTO Insurance. This has been her lifeline and she has promoted it heavily on her social media. Now, it has taken a turn and the story is horrifying. So, what allegedly happened? Keep reading for more details.

RHOC Vicki Gunvalson Sued For Financial Elder Abuse & More

Since Vicki Gunvalson stepped onto the OC scene, she was all about life insurance. She started the business out of her home and built it into her own empire. Vicki brought her son, Mike Wolfsmith along for the ride and has showcased her and her crew going to various conventions. Additionally, she won awards and would stay at the office until all hours of the night. There, Vicki maintained she felt validated and it allowed her to live the best possible life she could. Unfortunately, things have since taken a turn and she is being sued.

According to In Touch Weekly, Diane Field, 74, is suing Vicki along with Allianz Life Insurance Company, Coto Insurance & Financial Services, and one more investment firm. They are all being accused of financial elder abuse as well as fraud. From 1997 through 2019, Diane and her husband, George, had invested 90% of their combined net worth into stocks and mutual funds. They did so via an OC firm. They were lucky enough to live off of salaries and pensions, only dipping for taxes. Unfortunately, George was critically hurt in a bike accident in 2002.

That was when Diane started to take over their finances, having around $6 million which was in an investment account and another account for their daughter. In 2019, Diane met Vicki Gunvalson as her friend scheduled a consult. Allegedly, Vicki was not interested in the friend as she didn’t have half a million dollars but she was willing to help Diane who preferred to stick with stocks. Vicki suggested she speak with her partner Ali:

“as 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.”

She was interested in what was being offered so she took the time to listen and then her life took a sad turn.

Preying On The Weak

Sadly, Diane Field’s husband fell even more ill and her state of mind was not intact. Per the suit:

“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.”

Supposedly, the Allianz 222 Annuity was both safe and conservative which worked well for Diane:

“[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.”

Diane was persuaded to take out a life insurance policy not knowing it would cost $300K. She continued to have to pay this amount unaware it was a yearly payment and not one-time. In August 2022, Diane moved her money from her account managed by Ali. She had undergone her own health procedures and her husband had passed away so she was struggling emotionally:

“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.”

Supposedly, Vicki Gunvalson was relentless and called in both March and April 2024 for the $100K payment but Diane owed nothing as she had $600K in her account. Vicki was previously sued in 2018 but it was dismissed.

What do you think of this situation and are you shocked by any of it? Do you believe Vicki would do something like this? Let us know and watch RHOC Thursdays on Bravo.