A Michigan financial advisor charged with insurance fraud will stand trial, according to the Michigan Attorney General's office.

Todd Bernstein, 67, of Birmingham, appeared in the 6th Circuit Court in Oakland County on Tuesday and waived his preliminary examination. 

State prosecutors say Bernstein allegedly submitted fraudulent annuity 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," according to a news release. 

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

A pretrial date has not been set.

"Consumers should be able to rely on licensed financial professionals to help them protect their financial future," said DIFS Director Anita Fox. "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."