A Michigan financial advisor has been charged with four counts of insurance fraud for allegedly submitting "misleading" annuity applications.

According to the Michigan Attorney General's office, Todd Bernstein, 67, of Birmingham, Michigan, allegedly submitted the false applications on behalf of his clients, over the age of 65, "to conceal that new annuities were being purchased with proceeds from early surrendered annuities."

"Consumers must be able to trust financial professionals to act truthfully and in their best interests," said Attorney General Dana Nessel in a news release. "My department remains committed to protecting Michigan residents from illegal and predatory business practices."   

Bernstein's next court hearing is on Aug. 12.

"Consumers should be able to rely on licensed financial professionals to help them protect their financial future," said Anita Fox, director of the Michigan Department of Insurance and Financial Services. "DIFS is committed to protecting Michigan consumers by working with the Attorney General to investigate and prosecute those who abuse their customers' trust. Michiganders who suspect fraud can report it online or by calling DIFS at 877-999-6442 Monday through Friday from 8 a.m. to 5 p.m."